On the systematic mispricing of debt
Fidelity & Guaranty Life is the firm that “helps middle-income Americans prepare for retirement,” or so claim its copywriters. If so, the life insurer’s investment department, with its RadioShack trifecta, itself needs help. Certainly, it’s getting none from the world’s central banks—or from the post-1981 interest-rate zeitgeist.
Attention, Larry Fink
Is contemporary art one of the “greatest stores of wealth?” Not if the life, celebrity and obscurity of the 19th century French painter Jean-Louis-Ernest Meissonier is any guide.
The only game
If a company seems to be cheap in the sixth year of a bull market, it probably isn’t a legitimate company, and it probably isn’t cheap. An exception to prove the rule is the subject at hand.
America the unhedged
Native-born citizens of the United States are famously mono-lingual. Likewise, they are mono-monetary—dollars are what they cling to, whether or not the home currency is appreciating against the alien alternatives. How to diversify out of green money?
Constant readers may remember the company herein featured. Some will regret having ever heard the name. As central banks have gained prestige, our subject has lost market cap. What it has not lost is its speculative appeal.
Pick your own data
“Monetary Policy It’s Data Dependent” is the legend on the t-shirt that the president of the San Francisco Fed waved to the TV cameras Monday morning when Steve Liesman asked him, So when will the Fed raise interest rates? We deconstruct the central banker’s non-answer.