Reports

Investors are ignoring the worst economic and earnings data since 2008. They’ve piled into risky assets in the hope that conditions will soon be back to normal. But as much as we all hope for restoration to pre-coronavirus economic conditions, there are many reasons why the environment for stocks won’t ...

Voters don’t change their minds in October despite the occasional “October surprise.” Evidence shows that the debates don’t change many minds either despite their high profile. Most voters make up their minds sometime between Labor Day and Oct. 1 based on overall impressions of the candidates without getting too bogged ...

Gold as an asset class is confusing to most investors. Even sophisticated investors are accustomed to hearing gold ridiculed as a “shiny rock” and hearing serious gold analysts mocked as “gold bugs,” “gold nuts” or worse. As a gold analyst, I grew used to this a long time ago. But, ...

What are we afraid of? In recent weeks, I have been traveling around the globe and observing the rapid emptying of airports. Does this mean that most people are in a panic over a new form of highly infectious flu? It called to mind my studies long ago with the ...

“There is a big shift happening.” Here you have the judgment of old Daily Reckoning hand Wolf Richter. The “big shift” to which Mr. Richter refers is this: A big shift in Federal Reserve policy. But a big shift away from what policy… and toward which policy? To which we ...

The shifting passions of the stock market entertain us, as the shifting passions of a soap opera entertain us. They entertain us, that is. But they do not fascinate us. It is the longer view, the overall view that commands our attention… the eagle’s view. Today the horizon drifts into ...

There seems to be no end to the Federal Reserve’s arrogance. Fed officials believe that through their wise actions, they can eliminate the business cycle, lower unemployment and make society prosperous. But it’s actually much more limited in what it can do. All the Fed can reliably do is stop ...

There have been endless announcements by the Fed that they will add this and that to their asset-purchase programs. The media jumped all over these announcements, how the Fed is going to get into the junk bond market and ETFs with hundreds of billions of dollars. Each time, all kinds ...

Today we enter into the revolutionary spirit of the times… topple idols… and haul down statues. We will be declared subversive. We will be denounced as vandalous. The establishment will yell blue murder and demand our immediate arrest. Yet justice is with us. For we bring low the authors of ...

Today we lower our ear to the rail… and report the approach of a rumbling locomotive. Free and honest markets are roped to the tracks, squirming, writhing, sobbing. This iron horse is barreling toward them. Mr. Jerome Powell is at the controls… And murder is on his mind. What is ...