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Howard Marks’ Memos

In the first of the four memos, Nobody Knows II, I described the distinction made by Harvard epidemiologist Marc Lipsitch.  He said there are (a) facts, (b) informed extrapolations from analogies […]

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The Fed finds another kitchen sink to throw at us

This morning, Federal Reserve Chairman Jerome Powell will be speaking on the just-unveiled $2.3 trillion plan to get more money flowing throughout our shutdown economy. The Fed’s dual mandate is […]

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The S&P 500 is mostly concerned with duration (chart)

Building on my post from the other day, ‘Not Depth…Duration’, I want to show you something from this morning’s Bank of America Merrill Lynch Chart Blast – it shows a very […]

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Save Grandma or save the economy? It depends

Should we sacrifice Grandma for the GDP? That more or less sums up the debate in much of the U.S. media over the past week, ever since U.S. President Donald […]

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The World Has No Pause Button

Time marches on relentlessly. From birth to death of a human being, or any living creature, the passage of time is a constant rhythm, never ceasing to make forward progress. […]

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The Shock Cycle

At first you don’t see bad news, because it starts small and isn’t reported in traditional outlets. A few experts chat amongst themselves, but word has yet spread. Then you […]

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The High Cost of Low Interest Rates

It took a viral invasion to unmask the weakness of American finance. Distortion in the cost of credit is the not-so-remote cause of the raging fires at which the Federal […]

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Coronavirus: The Hammer and the Dance

Strong coronavirus measures today should only last a few weeks, there shouldn’t be a big peak of infections afterward, and it can all be done for a reasonable cost to […]

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How Liquid Should We Be?

Northern Rock stood for over 150 years, was traded on the London Stock Exchange, was one of the United Kingdom’s largest retail banks, accounting for as much as 10% of […]

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The Four Possible Timelines for Life Returning to Normal

The new coronavirus has brought American life to a near standstill, closing businesses, canceling large gatherings, and keeping people at home. All of those people must surely be wondering: When […]

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