Demographics

Bank Of America: "This Could Send The Nasdaq To 10,000"

"Capitulation of bond bears would send 30-year Treasury yields toward 2%, the Nasdaq toward 10,000, and high yield & Emerging Market bond spreads 100bps tighter. The outperformance of “deflation” versus “inflation” could turn exponential..."

All Hail Chinese Emperor Xi Jinping: Will He 'Make China Great Again'?

"Chinese history speaks for itself. Absolute power in the hands of a man whose actions are rubber-stamped by a mock-up Congress will not make China great...Wake me up when China has a Bill of Rights granting freedom of speech and protection from unwarranted searches."

Investors Are Ignoring The Evidence At Their Peril

"Exuberance and confidence are at the highest levels on record, but the underlying stories are beginning to weave a tale of an economy that is very late in the current cycle... Importantly, these are not short-term stories either. The long-term picture for the economy and the markets from the three biggest factors (Debt, Deflation, and Demographics) continues to build."

Is Bend, Oregon In A Bubble?

"Bend is a bubble built on a bigger bubble that is still inflating. Bend's continued appreciation is a bet on a few cities' property values (alongside general financial assets) continuing to rise indefinitely and those wealthy folks continuing to flock to Bend. So far, so good but the clock is running."

Global Stocks Hit New Record High, Dollar Mixed After Dovish Fed

In a trend observed every day this week, S&P futures are slightly in the red ahead of a post-open ramp with the VIX rising to 9.91, as Asian shares climb, European stocks are little changed. WTI crude pares recent gains, slipping below $51 after API showed an unexpected crude build.

How Columbus Revolutionized The Global Economy

"Columbus Day this year brought with it the usual acrimony, with the usual talking points declaring European settlement of the Americas to be “the most massive act of genocide” in world history. However, few pundits ever take a serious look at the economic implications of the relatively underpopulated lands in the Americas..."