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Acting Man

India’s Experiments with COVID-19

  Shooting from the Hip [ed. note: the tweets linked below mainly show videos from various lockdown phases] Reminiscent of his demonetization effort in 2016, on 24th March 2020, Indian Prime Minister Narendra Modi, appeared on TV and declared an immediate nationwide curfew. No one was to be allowed to leave wherever he or she happened to be. All flights, trains (after 167 years of continual operation) and road transportation came to a...

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Diversity or The Bigotry of Low Expectations

    Value Traps and Economic Ignorance A financial analyst is often, or at least should be, more of a psychologist than a financial expert. There are companies that I knew fifteen years ago that had inherent value a multiple of what their stocks were trading at. Today, there continues to be similar upside, except that upside targets and share prices are lower. What went wrong? A problem reaches the far North faster than climate change...

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Dawn of the Dead in the United States of Voodoo

  Dead Men Don’t Spend The checks went forth yesterday. And all the peoples rejoiced. Stimulus blinders firmly attached! Let’s go! Mars is within reach! [PT] Bloomberg reports: As the economy reopens, consumer spending over the next two quarters is likely to be the strongest such period in at least 70 years with a rebound in services leading the way, according to economists at Wells Fargo & Co. This is La Bubble Epoch… a gay...

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Did You Make Janet Yellen Rich?

  The Stress of Losing Billions Up until the WallStreetBets crowd short squeezed Melvin Capital for a $7 billion loss, Robinhood had it made. But losing billions is stressful. And when your product blows up your customer the clucking that follows comes hot and heavy. A surprise revival of business at Game-Stop… [PT] One of the sweetest displays in the world, we’ve been told, is the bursts of digital confetti that shower down...

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Reddit Residue on Silver

  Silver Yo-Yo The price of silver is going up and down like a yo-yo. On Sunday and into the first part of Monday, the price skyrocketed on news that Reddit was touting the metal. But as the data clearly showed, the price was not driven up by retail buying of physical metal. Silver, March futures from Jan 27, 30 minute chart: a lot of volatility, but silver seems to have established a higher low after coming down from the initial...

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A Reddit-Inspired Silver Squeeze?

  Sticking it to the Man A certain Reddit group has recently become very popular. For many people, the group has emerged as the savior of humanity. With their collective might, this group has brought a few hedge-funds close to bankruptcy. GME daily, log and linear view – a brief surge, but quite a painful one for hedge funds that were  short the stock in size. [PT] Is this group going to save us from the greed and immorality of Wall...

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Crypto-Mania Resurrected

  The Investment Asset of the Century Makes yet another Comeback Even the most ardent cryptocurrency bulls are probably slightly slack-jawed at this juncture and can hardly believe it. To be sure, many people were undeterred by the vicious bear market that saw BTC melt down from just below $20,000 in Dec. 2017 to less than $3,300 in Dec. 2018, but we doubt that even these steadfast believers in the grand-daddy of cryptocurrencies...

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Grantham’s ‘Real McCoy’ Bubble in a World Gone Mad

  The Lure of Easy Money Right now happens to be an attractive time to do something stupid.  What’s more, everyone is doing it.  Maybe you are too. Stock valuations and corporate earnings growth no longer appear to matter.  Why not buy an S&P 500 index fund and let it ride?  Or, better yet, why not buy shares of Nvidia? NVDA, weekly, over the past 6 years. The stock really started to take off after the 2016 election surprisingly...

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Death of an Inter-Market Correlation

  A Curious Development in Japan For a long time Japanese stocks have been little more than a mirror image of the yen – they would rise when the yen lost ground and fall when it strengthened. This has changed rather noticeably of late as the chart below illustrates. Incidentally, the Nikkei has broken out over a resistance level that has held it back since early 2018. Whether this breakout will hold remains to be seen, but so far it...

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Janet Yellen: Too Dumb To Stop

    Autographing Funny Money The United States Secretary of the Treasury bears a shameful job duty. They must place their autograph on the face of the Federal Reserve’s legal tender notes. Here, for the whole world to witness, the Treasury Secretary provides signature endorsement; their personal ratification of unconstitutional money. Janet Yellen – first she got to print a lot of funny money, now she gets to autograph it. The Titanic...

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