Stocks & Equities
As the fifth anniversary of the disorderly collapse of the investment bank Lehman Brothers approaches, some analysts will revisit the causes of an historic global “sudden stop” that resulted in enormous economic and financial disruptions. Others will describe the consequences of an event that continues to produce considerable human suffering. And some will share personal experiences of a terrifying time for the global economy and for them personally (as policymakers, financial-market participants, and in their everyday lives).
As interesting as these contributions will be, I hope that we will also see another genre: analyses of the previously unthinkable outcomes that have become reality – with profound implications for current and future generations – and that our systems of governance have yet to address properly. With this in mind, let me offer four.
I think Peter Schiff is very good at explaining how political economy should operate. But it seems his market and economic forecasts, in anything but the very long term, tend to be similar one-way bets. Maybe I notice this because often times my bets are opposite his. (I mention him because he’s calling a spectacular buying opportunity in gold, again.)
David Rosenberg is also very good on political economy. He seems to me more pragmatic than Peter Schiff in that he seems more open to change his market calls as evidence mounts.
The sky is falling.
Investors are panicking.
But the market?
The S&P is down about 2.5% from its August 2nd peak.
What you’re witnessing right now is the perfect recipe for a fear rally. I briefly mentioned Friday morning that investors pulled a net $9.4 billion out of U.S. stock funds last week. It’s obvious the herd is terrified. Even the sentiment polls have sharply reversed from bullish to downright bearish…
Famous China bear, Hugh Hendry is out with his commentary for July. The hedge fund managed by Hugh Hendry had another rough month, but Hendry thinks many emerging market countries have further troubles ahead, and he still is short certain countries. Below is the full commentary for hendry’s Eclectica fund.
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