Jun 10, 2019 12:32 pm
“I don’t know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we’ve been talking about today”– Alan Greenspan Bullard and Powell Signal Fed Ready to Act and Rate Cuts Ahead We’ve made the case for months that…
Read MoreJun 6, 2019 11:49 am
The Reserve Bank of India today unanimously decided to reduce the policy repo rate to 5.75% from 6.00% and changed the monetary policy stance to “accommodative” from “neutral” with an objective of achieving a medium-term target for CPI of 4% within a band of ± 2%, while supporting growth. Key highlights of the RBI’s Monetary…
Read MoreMay 27, 2019 11:59 am
“The 2019 Election has worked to tear down walls, and heralds the dawn of a new age”– Narendra Modi The people have spoken and a massive pro incumbent wave has entrusted the nation’s stewardship to P.M. Modi for five more years. This week, we widen our lens to focus on macro challenges and opportunities, and…
Read MoreMay 13, 2019 12:22 pm
“We have the potential to go up like a rocket if we did some lowering of rates, like one point, and some quantitative easing. Yes, we are doing very well at 3.2% GDP, but with our wonderfully low inflation, we could be setting major records, and at the same time, make our national debt start…
Read MoreApr 30, 2019 1:12 pm
“The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.” – Benjamin Graham Rate Cuts Have Led to a Steepening of the Domestic Yield…
Read MoreApr 15, 2019 1:03 pm
Disagreeable data are streaming out of the computers of Merrill Lynch and other performance measurement firms. Over and over and over again, these facts and figures inform us that investment managers are failing to perform. Contrary to their oft articulated goal of outperforming the market averages, investment managers are not beating the market: The market…
Read MoreApr 4, 2019 12:37 pm
The Reserve Bank of India today decided to reduce the policy repo rate to 6.00% from 6.25% with four out of six members voting in favour of the cut. However, the MPC decided to keep the monetary policy stance unchanged at “neutral” with an objective of achieving a medium-term target for CPI of 4% within…
Read MoreApr 1, 2019 11:42 am
“Financial markets do not play a purely passive role; they can also affect the so-called fundamentals they are supposed to reflect. These two functions, that financial markets perform, work in opposite directions. In the passive or cognitive function, the fundamentals are supposed to determine market prices. In the active or manipulative function market, prices find…
Read MoreMar 18, 2019 1:17 pm
“While we are in an industry that often blends art and science, our preference is to have a strongly objective, scientific, and quantitative bias to our work.” – Martin Zweig We’ve had a non-consensus, cautiously optimistic view on equities since the beginning of the year, and going further back to Oct 26th (commentaries here, here…
Read MoreMar 5, 2019 12:16 pm
“The biggest mistake investors make is to believe that what happened in the recent past is likely to persist.” – Ray Dalio, Bridgewater An event such as the India Pakistan escalation illustrates the highly unpredictable nature of politics, markets and the global economy. Anticipating the future decisions and actions of hundreds of key players globally…
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