TRENDS & TAIL RISKS™

A monthly publication dedicated to the principle that deeper and broader knowledge drives superior investment results

Gold: Lessons from the Depression

POSTED ON August 20th - POSTED IN Gold, Indicators, Relative Value of Gold (and Credit)

By Lewis Johnson - Last week’s Trends and Tail Risks noted that there is more money to be made being long the solution than there is in shorting the problem. We are convinced that over indebtedness is the world’s[…]

Credit: Caught Leaning?

POSTED ON August 13th - POSTED IN Credit, Indicators

By Lewis Johnson - They would say, when Whitey Ford made that incredible motion to nip the base runner off first, that the man was caught leaning. The man was leaning one way, and realized what was happening, and[…]

Is Credit Quality Peaking?

POSTED ON August 6th - POSTED IN Credit

By Lewis Johnson - "Formal education will make you a living; self-education will make you a fortune." -Jim Rohn The U.S. stock market just suffered its worst week in more than two years. Is this just short term[…]

Quantitative Easing: Perception vs. Reality

POSTED ON July 30th - POSTED IN Risk

By Lewis Johnson - The US Federal Reserve’s Quantitative Easing (QE) program of bond buying has been one of its most controversial policies in recent years. In this week’s Trends and Tail Risks, we examine QE by[…]

Gold: Price vs. Relative Value

By Lewis Johnson - After a long hiatus, gold’s quiet outperformance (up 9.6% YTD) is slowly working its way back into the financial pages. However, gold took its time getting back there. After all, the price of gold[…]

Lewis Johnson
Chief Investment Officer

Author of Trends & Tail Risks

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