Investors, financiers and financial analysts do business in a governmentally constructed funhouse. The interior décor features unconventional mirrors. Concave and convex, they can make a short yield look taller but they can’t make that illusion pay cash. Which fact brings us back to the universal thirst for income and to the corporate structures that exist to slake it.
After delivering a 50% gain in 2012, the Nasdaq Biotechnology Index has leapt by 60% in the 11 1/3 months of 2013. In November, 75% of the respondents to a poll said they expected another banner showing in 2014. Herewith a dissenting opinion and a short-sale candidate.
Just how inclusive is the global stock-market rally? Inclusive enough to levitate South Korean preferreds. Following is an update to our analysis of this value-laden, hard-to-buy and chronically underachieving asset class.
Converting mutual thrifts into profit-seeking commercial banks has been one of the most lucrative callings in American finance. We now turn to a similar kind of conversion, albeit with a very different kind of bank.
It’s a funny thing about the liquidation of gold mining shares or about the pullback, let us call it, in gold itself. Selling gold, the world is saying in so many words, “The central banks have the situation well in hand.”
Monday brought tidings of a $1.92 trillion jump in household net worth between the second and third quarters. What else has quantitative easing wrought? Whether or not the Fed chooses to announce the start of tapering next week, it’s high time to ask.