As it pertains to the current market, I’m not certain what is going on in the heads of many investors as they continue to direct a fire hose full of dollars into a very narrow group of tech and internet stocks. For example the current market capitalization (7/13/2020) of Apple (AAPL — $1.663 trillion) plus…
Tag: Jeff Miller
Good news is still bad news and that’s good news!
Since secular bull markets generally end in a hail of good feelings and optimistic media and public pronouncements, it is safe to say we’re not there yet. Take this piece, for example from CNBC contributor Jeff Cox (a.k.a The Bad News Bearer–June 6, 2013): “When earnings look this great, it is actually a really bad…
Tax Reform (Tax Cuts): A Pipe dream?
Considering the immense legislative successes that we’ve seen in the first eight months of the Trump administration, it is not hard to fault Wall Street’s new all-time high price reaction to the introduction of the administration’s New Tax Plan (The Unified Tax Reform framework). Wait a minute … let me see … what exactly were those accomplishments? Okay,…
The Hidden Killer–Opinions About News
Taking my title assertion one step further, in many cases Opinion About News due to our beliefs can become our reality, whether factual or not. Yes, we are all entitled to our own opinions and beliefs. It is a free country. However, in investing, relying on strongly-held beliefs and opinions about the news can be quite risky….
Stunned and Confused
What stuns and confuses me is the new (or continuing) mantra on Wall Street that higher oil prices are good for stocks and the economy. No matter how hard I try to rationalize this thought process, I cannot make it work … except in one case. That is in the case that fear of a…
Apres le deluge, Le Summer Rally?
My apologies to the French and the late King Louis XV, for slightly reworking a phrase attributed to him, “Apres moi le deluge” (After me the deluge). The king had it right. Within 18 years of his death the French Revolution erupted. A better word for “deluge” might be “cataclysm.” Apres “Brexit” le deluge? Based on…
“The Three Biggest Current Mistakes”
According to Registered Investment Advisor (RIA), Jeff Miller, they are: Making it all about Oil. This viewpoint is sufficiently prevalent that is has created excessive pessimism about economic growth and recession potential. Making it all about the Fed. It is fun for most to criticize Fed policy, but not very useful. Most of the actual predictions (hyperinflation, market…