January 13, 2023 By Steve Blumenthal “Inharrent in big crises are opportunities.” – Ian Bremmer I'm on vacation this week, skiing in Snowbird, Utah. The rain kept falling in California, and as the storms moved east, the snow kept falling in Utah. We've had over three feet of [...]Read More >

  January 6, 2023 By Steve Blumenthal “Extreme patience combined with extreme decisiveness. You may call that our investment process. Yes, it's that simple.” – Charlie Munger “Cash combined with courage in a crisis is priceless.” – Warren Buffett Last week I reviewed my investment [...]Read More >

  December 30, 2022 By Steve Blumenthal “There are only two ways to live life. One is as though nothing is a miracle. The other is as though everything is a miracle.” – Albert Einstein Forecasting the future. It's an annual ritual played out on Wall Street, in C-suites, and in small [...]Read More >

Trade Signals, by Steve Blumenthal December 23, 2022 S&P 500 Index --3.829 Trade Signals summarize various Equity, Fixed Income, Sentiment, Economic, and Gold market indicators. Market trends persist over time and stem from changes in risk premiums (the return investors demand to compensate [...]Read More >

  December 16, 2022 By Steve Blumenthal “What are the factors that gave rise to investors’ success over the last 40 years? We saw major contributions from (a) the economic growth and preeminence of the U.S.; (b) the incredible performance of our greatest companies; (c ) gains in [...]Read More >

  December 9, 2022 By Steve Blumenthal “You cannot analyze the market solely as we did in the past 30 years, when we had accelerating globalization, when we had a free capital movement, when we had free movement of people everywhere." – Felix Zulauf, Zulauf Asset Management I spent [...]Read More >

  December 2, 2022 By Steve Blumenthal “We should say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion. Hence the prices of common stocks are not carefully thought out computations but the [...]Read More >

  November 18, 2022 By Steve Blumenthal “Now the consequences of that are born,” Druckenmiller said, “and all those factors that cause a bull market, they’re not only stopping, they’re reversing. Every one of them. We’re going from QE to QT.” – Stanley Druckenmiller, American [...]Read More >

  November 11, 2022 By Steve Blumenthal "What we have been anticipating for some time is now here. It is the other side of the bubble mountain." – Paul Elliott Singer, American hedge fund manager, activist investor, philanthropist, and the founder, president, and co-CEO of Elliott [...]Read More >

  November 4, 2022 By Steve Blumenthal "We've have got to get inflation behind us. I wish there were a painless way to do that. There isn't." "The chance of a soft landing is likely to diminish." "The world is not going to be better off if we fail [to get inflation under [...]Read More >

  October 28, 2022 By Steve Blumenthal "The next stage of the tightening cycle is likely to be an economic slowdown as policymakers work to bring inflation back to target." – Bob Prince, Co-CEO Bridgewater Associates The Fed is in the middle of a tightening cycle. In Bridgewater [...]Read More >

  October 21, 2022 By Steve Blumenthal "About a nanosecond after money and equity and debt were invented, the business of facilitating these transactions was invented. Today we call this business “Wall Street,” but of course it goes back thousands of years, way before there were things [...]Read More >

  October 14, 2022 By Steve Blumenthal "My biggest concern is that further tightening will test the fragilities of market plumbing," - Scott Minerd, Chairman of Guggenheim Investments and Guggenheim Partners Global CIO Fragilities indeed. During last week's team call, our debate [...]Read More >

  October 7, 2022 By Steve Blumenthal "All those factors that cause a bull market, they're not only stopping, they're reversing. We are in deep trouble. You don't even need to talk about Black Swans to be worried here. To me, the risk-reward of owning assets doesn't make a lot of [...]Read More >

September 30, 2022 By Steve Blumenthal "Bull markets are born on pessimism, grow on skepticism, mature on optimism and die in euphoria." - Sir John Templeton Grab a stiff drink and feign a smile; the technicals are not looking so good. The S&P is headed for a third straight quarterly loss, [...]Read More >