Today’s reversal may ultimately prove to be just another volatile session in an ongoing bull market. But investors would be making a mistake if they dismissed it outright. Markets rarely peak because of a single…

“Bear market signposts have risen to 70%, matching the average level seen at prior market peaks.” — Bank of America Before Friday’s selloff, investors were aggressively chasing upside, paying more for calls than puts—a classic…

So just after last Friday’s bloodbath, Wall Street’s talking heads are already hard at work inventing a new explanation for the sell-off. We are now supposed to believe that last week’s decline was nothing more…

Having spent decades in the investment business, I have learned that markets can ignore problems for far longer than most investors expect. What concerns me today is not simply the size of the national debt,…

Important News A former client of mine, Stanley Druckenmiller, has been described by many financial editors as one of the greatest macro investors of all time. His credentials are difficult to dismiss. Over a career…

The case for reducing equity exposure is becoming increasingly compelling. The S&P 500 has advanced approximately 16% in just two months. Outside of recession recoveries, such rapid gains are extraordinarily rare. The last comparable episode…

Wall Street continues pushing toward record highs, but the bond market is sending a very different message. Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Asset Management, recently discussed what he sees as…

New Fed Chair Kevin Warsh has been a vocal critic of the Fed’s post-2008 QE policies and massive balance sheet, arguing that years of excess liquidity distorted asset prices, encouraged speculation, and weakened market discipline….

The most important warning signal in the U.S. economy today is not the stock market or even the consumer. It is the bond market. Under normal economic conditions, weakening growth and rising financial stress would…

The Federal Reserve is now facing rapidly rising inflation that is forcing markets to aggressively reprice the entire interest-rate outlook. Inflation has reaccelerated toward 3.8%, while both CPI and PPI data continue surprising to the…