July 27, 2018 By Steve Blumenthal “One last thing – as for this debate about the yield curve needing to invert to warrant a recession call, the reality is that at the ultra-low levels of rates, bloated central bank balance sheets that are in the process of gradually unwinding, and in the face of [...]Read More >

July 20, 2018 By Steve Blumenthal "Curiosity leads to learning. As you expose yourselves to newer and richer experiences; you learn different things—some good, some bad—but all important to the journey of life. It is what you learn is all that matters." – "Prashant" in John Mauldin's “An [...]Read More >

July 13, 2018 By Steve Blumenthal “The elephant in the room is and has always been the Federal Reserve since it has a very large say in what liquidity conditions are going to look like. I see the Fed continuing to raise rates, albeit gradually, and to also continue in its Quantitative Tightening [...]Read More >

July 6, 2018 By Steve Blumenthal “The major signs that would herald the beginning of the next recession are not yet in place. Unemployment is low and likely to decline further; wages are rising, but not sharply; the Federal Reserve is tightening, but real interest rates are zero; inflation is [...]Read More >

June 29, 2018 By Steve Blumenthal “Here we are doing something that almost seems like a suicide mission… increasing the size of the deficit while we’re raising interest rates.” – Jeffrey Gundlach, DoubleLine Capital I’d add to that quote by saying that the administration is doing everything [...]Read More >

June 22, 2018 By Steve Blumenthal “The bottom line is that the wisdom of investing passively depends, ironically, on some people investing actively. When active investing is dismissed totally and all active efforts cease, passive investing will become imprudent and opportunities for superior [...]Read More >