Knowing the difference between Risk and Deep Risk

Bill Bernstein is widely known among professional investors as one of the best writers and thinkers in the industry. Two of his books, Deep Risk and The Investor’s Manifesto, belong in any conversation about the most important investment books ever written. Bernstein doesn’t appear on TV nor does he do much public speaking. So this…

Mr. Morgan

“We will have to close the Stock Exchange.”

Three reasons it’s not 1929

I could be wrong, but let me point out three things that I think about when I hear Great Depression analogies being made to the current crisis. The first thing I think about is that the financial markets of the 1930’s were prehistoric. Yes, the Federal Reserve was in existence, but it was nowhere near…

No bottom until the virus tops

This is how I feel right now. Yesterday, Batnick asked me if I thought Monday’s thrashing might have represented the bottom for the S&P 500. I don’t. I also don’t see this morning’s agreement in Congress as “stimulus.” I see it as a rescue. Stimulus is what you do for a slowing economy. This is…