Send In The Drones Is this just a bear market rally? Or is the stock market poised for a further rebound?  In my view, the correct answer is contingent on the ceasefire talks between Ukraine and Russia.  While acknowledging the usual fog of war, and what does to informational reliability,… Read More

Each December, as most of us prepare to celebrate the holiday season, Wall Street luminaries deliver their outlooks for the year ahead. Typically, they “predict” where markets will finish in the coming year and detail key risks that could lie ahead. Respected Chief Economist at Deutsche Bank, Torsten Slok, prepared… Read More

You probably know by now that I tend to do things in an unconventional way.  Publishing Bubble 3.0 via Substack is such an example.  (However, the highly regarded Pippa Malmgren is also releasing her newest book via Substack).*  It was also a bit unorthodox to run a few… Read More

Below is a re-send of this message, which originally posted yesterday but has since been updated to include the correct donation link. Thank you all. ——– We are interrupting our normal Bubble 3.0 publication sequence to convey an extremely important message.  We will resume publishing Bubble 3.0 on Friday with… Read More

There are times when it’s relatively easy to be an investor.  This is definitely not one of them! For years, it was possible to just sit back and ride the market’s rising tide caused by nearly endless liquidity infusions from the Fed and the other leading central banks.  Those days… Read More

Not long before Russia invaded Ukraine, Xi Jinping and Vladimir Putin met in Beijing and declared the friendship between their countries had “no limits”. Russia is likely finding out now that this “future oriented strategic partnership” is in fact limited. Read More

You asked for it, you got it!     In this case, that old Toyota tagline doesn’t apply to a new car model but rather the publication of the full book Bubble 3.0 for which so many of you have been asking.  However, in our quest to please as many readers… Read More

Will the nightmares ever stop?  After two years of coping with a global pandemic, humanity is now faced with images of Russian attacks on an operating nuclear facility.  V. Putin’s not-very-veiled threats to use nuclear weapons only intensify the Kafkaesque conditions.    In last week’s note, I stated that the odd… Read More

Semiconductors have been described as “the brains of modern electronics.” The small but powerful chips are a critical component to today’s connected devices... Read More

This introduction to the latest chapter of Bubble 3.0 gives me the opportunity to highlight one of my most important and repeatedly emphasized topics:  Wrong cycle investing.  By that, I’m referring to the recurring tendency of most investors to buy high and sell low.  We all know we shouldn’t do… Read More