Bonds | timiacono.com

Anticipation

My favorite chart from the Jeffrey Gundlach/Doubleline Capital presentation the other day.

This one was pretty good as well – a stroll down memory lane at the last interest rate normalization campaign by ‘Ol Greenie that was affectionately called “Baby Steps“.

Faber: “A Bubble In Everything, Everywhere”

Marc Faber, the purveyor of the Gloom, Boom, and Doom report, talks about the current course of asset prices and how things might end badly someday as the Federal Reserve contemplates raising interest rates and the U.S. dollar continues to strengthen.

As detailed in Dr. Marc Faber’s three bold predictions for 2014, his crystal ball gazing early in the year doesn’t look particularly prescient at the moment:

1. The market will continue to decline from its November high of 1,813
2. Best shorts for 2014: Facebook, Tesla, Twitter, Netflix, and Veeva Systems
3. Best longs for 2014: Gold, gold shares, and Vietnamese stocks

It is, however, worth pointing out that 2014 is a long way from being over.

Stocks or Bonds: Which Has It Right?

Much has been made about the rather disturbing trend this year for the price of just about every asset class to go up. As shown below, stocks and bonds normally go in opposite directions over long stretches of time, however, that’s not been the case this year.

In fact, 2014 has, so far, proved to be quite the outlier in many respects for how stock and bond prices have moved for reasons that should be clear below.

(more…)

Warren, Yellen, and Too Big to Fail

It appears they left the best for last yesterday as Sen. Elizabeth Warren (D-MA) closed out day one of Fed Chair Janet Yellen’s semi-annual monetary policy report to Congress with this wholly unsatisfying exchange about too-big-to-fail banks (hat tip Not Quant).

Skip to the 1:34:45 mark of the entire CSPAN video here to find another interesting exchange, this one with Sen. Tom Coburn (R-OK) where Yellen is asked whether it might not be a better idea to just not create so many asset bubbles to begin with.

Well, he didn’t exactly ask it like that…

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