Animal Spirits: Is the Stock Market Wrong?

We discuss: What would a vaccine mean for the markets? Is the vaccine a sell-the-news event? Could we potentially see a stock market bubble when this crisis is over? Why is Uber’s stock price up this year? Why people are so angry at the stock market Is private equity a retail killer? What happens to…

Low Bond Returns Are Nothing New

Government bond yields remain unbelievably low across the maturity spectrum: The correlation between starting yields and future long-term returns is very high, meaning you can use these rates as a decent approximation of forward bond returns. In other words, don’t expect much from the bond portion of your portfolio. When you compare today’s yields with…