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Archives for March 2020

Coronavirus Infects Stock Market: Part XVI

March 20, 2020 By E.J. Smith

When it feels like things are changing by the hour, a week feels like a year, and three weeks a lifetime. That’s how I feel this morning as I write to you from Newport, having scrambled home Monday, cutting short our ski vacation in Telluride, CO. Last Friday, at this time, we were waking up to a few inches of wet snow and windy conditions. We skied in what felt like a snow globe being shaken madly by a five-year-old. Visibility was nil. It snowed most of the night, and on Saturday (the mountain having been resurfaced with seven inches of light powder) we cut fresh tracks all morning … [Read more...]

Free Market Flunkies Beg Fed for Help

March 20, 2020 By Jeremy Jones, CFA

Here we go. First, it was former Fed Chair’s Bernanke & Yellen wanting to expand the Federal Reserve’s authority to buy corporate bonds to bail out bad actors and hot money that apparently can’t tolerate a little bit of volatility. Maybe it’s the guilt or remorse of pushing investors to take more risk than was prudent by holding rates at zero for a decade, but justifying the expansion of the Fed’s powers to include corporates is a real bad idea. Why? The reasons are many and varied, but this one top’s the list. If the Fed opens the floodgates to buying assets besides Treasuries, it … [Read more...]

Gold: Insurance Against Hyperinflation

March 23, 2020 By Tim Jones

The world’s most extraordinary episode of hyperinflation happened between 1919 and 1922 in post-World War I Germany. To get the full picture of the events that led to rapid inflation by Germany’s post-World War I ruling regime, the so-called Weimar Republic, you have to go back to the Franco-Prussian War, in 1870. Prussia, a sort of proto-Germany, won the war quickly, taking only about six months to defeat France. Prussia paid for the war by taking on debt, and the short duration of hostilities and decisive victory made it relatively easy for the new Germany (created out of the … [Read more...]

Coronavirus Infects Stock Market: Part XV

March 19, 2020 By E.J. Smith

You’ll recall it wasn’t too long ago that investing legends Warren Buffett, Jack Bogle, and my father in law Dick Young were calling for a prolonged period of reduced returns. Not only for the stock market but for bonds, as Dick Young’s North Star was scraping the bottom of the charts as if it had fallen out of the sky. At the time, Dick Young wasn’t predicting a pandemic like the coronavirus, he was simply studying what was in front of him just like he does today, and concluding that it looked pretty darn ugly. You see, when the risk-free rate of return costs you money (after … [Read more...]

South Korea Coronavirus Update

March 19, 2020 By Jeremy Jones, CFA

China is reporting no new cases of coronavirus, but it’s a little hard to believe any data that comes out of China. In a country with over 1 billion people are we really to believe that there isn’t a single new case? South Korea is another matter. South Korea has tested broadly—over 300,000 tests and their data is more trustworthy. The chart below shows the total confirmed cases of Covid-19 in South Korea, and the total active cases. South Korea has a population of about 50 million people with total known active cases of 6,618 or .013% of the population. … [Read more...]

Coronavirus: The Safety of America’s Food Supply Chain

March 18, 2020 By E.J. Smith

Coronavirus has sparked what may be a new phenomenon in history, global panic-buying at grocery stores. Panic buying is nothing new, of course, but seeing it happen in so many countries at once is certainly rare, if not new. The world's supply chains are more intertwined than they have ever been. With a shock to the global system, many Americans might be wondering if their food supplies will be reliable. Representatives of America's food industries are confident in the supply chain today. On the East Coast, The New York Times reports: “There is food being produced. There is food in … [Read more...]

Right on Cue Stock Buybacks Dry Up

March 18, 2020 By Jeremy Jones, CFA

Stock buybacks are being slashed. Evercore ISI estimates that 99% of U.S. firms will have to reduce or suspend buybacks by year-end. Savvy timing. The stock market is down 30% with the share prices of some of the buyback cutters down even more. The big banks are cutting buybacks, but that was likely a directive from regulators. Guess who else is slashing buybacks? Airlines. Over the last decade, the Airline industry spent almost all of its free cash flow on share buybacks. Today, buybacks are finished. Airlines are instead requesting a $58 billion bailout. You sort of feel bad for the … [Read more...]

Never Bet the House

March 19, 2020 By Dick Young

Investing is not betting. There are people who buy stocks to invest in them, and people who buy stocks to bet on them. Never be the latter. After the crash of 1987, I compared that to the surprise defeat of “sure thing” Sonny Liston by Muhammed Ali. I wrote: “Bet the house on Liston…it’s a sure thing.” Once again, what could never happen, happened. Once again, the underdog defeated the favorite. And once again, people learned — many the hard way — that there are few “sure things” in life. The lead quote appeared in a provocative Wall Street Journal ad run by FGIC (municipal bond … [Read more...]

Trump Administration Vows to Keep Markets Open

March 17, 2020 By Jeremy Jones, CFA

With heightened volatility, lots of uncertainty, and some liquidity issues in markets, what are the chances that regulators might consider closing the stock market? The market has been closed before in periods of crisis. After the 9-11 attacks, the market didn’t reopen for three business days. Treasury Secretary Mnuchin has so far pledged to keep markets open. He reiterated that pledge again today, saying the administration would like to keep markets open but may consider reducing trading hours. On the surface, closing the markets might seem like a good idea, but keeping them open is … [Read more...]

Coronavirus Fight: Should Every American Get a Check for $1,000?

March 17, 2020 By Jeremy Jones, CFA

With lockdowns, quarantines, and mandated closures of businesses now savaging some parts of the economy, fiscal stimulus is on the table. Some want a payroll tax cut, which could work, but if you lose your job because your restaurant closed you no longer have a paycheck to deduct those taxes from. There is also talk of bailing out select industries impacted by the virus. Some Republicans simply want to cut a $1,000 check to every American. There may be better ways to get money into the hands of folk who need it, but this isn't the worst idea. Payroll tax cuts won’t get to folk losing … [Read more...]

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