Last night – at midnight – I flipped on Netflix and binge-watched season one of Carl Icahn’s new show, The Danger Ahead. Some observations: *I like the cast. Carl Icahn is a strong leading man and Carl Icahn is an excellent foil for him to play off of. I don’t know what it is about…

At the request of so many investment advisors, my friends at Riskalyze share the big trends in the assets going into and coming out of advisor portfolios every week. The underlying data is aggregated from hundreds of thousands of client accounts across the $120 billion and counting that advisors manage on the Riskalyze platform*. I…

A couple of weeks back, I dropped an atomic bomb on the idea that historical valuation across decades carries an appreciable amount of implication or signal for investors. My argument was grounded in common sense – one thing I’ve learned from years of studying the history of markets is that it’s not different this time,…

Can’t sum it up better than that.

Video

via Business Insider, September 22nd: In a press briefing on Tuesday, Mike Wilson, chief investment officer of Morgan Stanley wealth management, said consumer behavior was starting to show signs of excess as the economic recovery reaches its later stages. Here’s Wilson (emphasis added): “Consumers are feeling pretty good, and they are starting to spend money again,…

Chart

Janet Yellen’s speech about inflation last night was accompanied by a slide show and I found the below chart to be the key takeaway that explains virtually everything going on with rates right now. The Fed doesn’t understand why prices in the economy aren’t following the tightness of the labor market. Below is unemployment in…