By Lewis Johnson - CHIEF CONCLUSION We wanted to take a different tack in today’s “Trends and Tail Risks.” We are taking a step back from our typical investment focus and thinking about the big picture of what[…]
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By Lewis Johnson - CHIEF CONCLUSION In complex times, it’s important to focus. From where I sit, it seems that there are two big things going on in global markets right now. The first is a cyclical downturn of[…]
By Lewis Johnson - CHIEF CONCLUSION The Fed can’t print a vaccine for coronavirus COVID-19, but it can attempt to ease market distress by reversing the spike in real interest rates that took place when the Fed allowed[…]
By Lewis Johnson - CHIEF CONCLUSION Last week the equity market suffered the fastest drop ever from an all-time high. We believe that the violence of this collapse makes a strong case for professional risk management[…]
By Lewis Johnson - CHIEF CONCLUSION It should come as no surprise to our long-term readers that, when equity valuations become extended in our view, our research team grows more cautious. Our team finds itself at such[…]
