Super Cycles
When it comes to commodities, it is usually about cycles. You can’t grow a field of wheat overnight, and it takes years to set up a mine....
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Christian Armbruester
- Nov 20
- 1 min
Reality Bites, Revisited
We like to look at things in nominal terms. Most of that has to do with our sense of time as we need reference points to put things into...
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Christian Armbruester
- Nov 13
- 1 min
Back from the Dead
We thought it was all over when FTX collapsed. At the beginning of 2023, the two major cryptocurrencies of Ethereum and Bitcoin had lost...
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Christian Armbruester
- Nov 6
- 1 min
Rally, Revisited
On the back of a weak jobs report on Friday, we had one of the biggest everything rally in a while. Equities surged, with the S&P500 now...
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Christian Armbruester
- Oct 23
- 2 min
Footsie Blues
Since the lows of March 2009, the FTSE100 index has underperformed the S&P500 by a staggering 428.66%. Strangely, prior to the Great...
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Christian Armbruester
- Oct 16
- 1 min
Second Best
For a number of reasons, Silver has always been considered the ugly cousin to the much more sought-after Gold. Even at the Olympics, when...
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Christian Armbruester
- Oct 2
- 1 min
Dollar, Dollar, World on Fire
The Greenback has been on a tear since mid-July, up more than 7% against most major currencies. Not too long ago, most professionals were...
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Christian Armbruester
- Sep 25
- 1 min
Divi-Dance
People sure love their dividends and what’s not to like about taking some money off the table every once in a while? The problem is...
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Christian Armbruester
- Sep 18
- 1 min
When The Levee Breaks
Fund manager allocations to longer-term bonds are at a multi-decade high. For good reason — after starving in the lands of low interest...
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Christian Armbruester
- Sep 11
- 2 min
Arriba Andale
At the heart of every good agreement, lies an uneven set of needs and resources. Mexico lacked technology and access to capital, the US...
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Christian Armbruester
- Sep 4
- 2 min
Tinker, Taylor, Bail-Out
The irrational exuberance in the Nasdaq is back to levels we last saw just before the dot com crash, and by any measure “cheap” is not a...
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Christian Armbruester
- Aug 7
- 1 min
American Superstar
You may not have noticed, but America has recently become more powerful than ever. In the last fifteen years, the US economy doubled in...
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Christian Armbruester
- Jul 31
- 1 min
Son of Printing
Remember the more than US$50 trillion we printed to save the world, twice? Yeah, it seems we didn’t get the memo on that (Office Space,...
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Christian Armbruester
- Jul 17
- 1 min
Running Bulls
To put it into technical terms: the markets went a bit nuts last week. The S&P broke 4500, 10-year Treasury yields are safely back below...
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Christian Armbruester
- Jul 10
- 2 min
Property
“No one beats Vitus Gerulaitis 17 times in a row,” said the Lithuanian Lion after finally defeating Jimmy Connors at the 1980 Masters and...
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Christian Armbruester
- Jul 3
- 1 min
Red Dragon
I remember when a chicken restaurant franchise went public. The analysts pushing the stock told us not to worry about the somewhat lofty...
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Christian Armbruester
- Jun 26
- 1 min
Circle of Life
Maybe it’s a cultural thing, but for some reason mortgages in the UK tend to be fixed for much shorter terms than in the US or the...
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Christian Armbruester
- Jun 19
- 1 min
Hope, Revisited, Again
It would seem we made the bottom in the S&P 500 sometime in October last year. Back then, we were worried about inflation, earnings, the...
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Christian Armbruester
- May 30
- 1 min
Yields
Short term interest rates have been a one way bet for more than a year now. The folks in the bond markets may have some ideas about when...
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Christian Armbruester
- May 22
- 2 min
Mega-Caps
Believe it or not the FAANG index, you know the one with most of our favourite super-sized technology stocks, is up 50% year to date. The...
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