Capitalism and Freedom

 The intended purpose of corporate financial reporting is to enable  investors to make informed decisions concerning securities selection.  But many investors and equity analysts there is ...

http://capitalismandfredom.blogspot.com/2020/10/some-free-cashflow-aristocrats.html

HACKERS LINKED TO CHINA’S ARMY SEEN FROM EU TO D.C. Bloomberg By Michael Riley and Dune Lawrence - Jul 26, 2012 The hackers clocked in at precisely 9:23 a.m. Brussels time on July 18 l...

http://capitalismandfredom.blogspot.com/2018/03/hackers-linked-to-chinas-army-seen-from.html

The economic outlook is bleak. Bond yields are likely to fall. Falling bond yields are bullish for equities. The recent economic telemetry suggests weakness: > The Atlanta Fed forecasts...

http://capitalismandfredom.blogspot.com/2015/04/the-weak-economic-data-is-bullish-for.html

Bond yields are dangerously low. Prices are falling and inflation expectations have become unanchored. The Fed will have to act, and bond prices will have to fall. Stocks are more remunera...

http://capitalismandfredom.blogspot.com/2015/01/the-yellen-bond-bubble.html

The markets are signalling deflation risk. The Fed’s 2% inflation target is no longer credible. The Fed must reverse course and resume effective monetary stimulus. The outlook for stocks...

http://capitalismandfredom.blogspot.com/2015/01/janet-yellens-failure-as-fed-chairman.html

I am currently publishing my commentary at Seeking Alpha. Here is the link: http://seekingalpha.com/author/christopher-mahoney/articles

http://capitalismandfredom.blogspot.com/2014/12/to-my-readers.html

"I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is...

http://capitalismandfredom.blogspot.com/2014/12/barry-just-barry-and-nothing-but-barry.html

The 14 Blue Dogs who voted for the Keystone Pipeline against Harry Reid and Obama. How many of them will become "independents" in January? Alaska Sen. Mark Begich  Arkansas Sen. Mark Pryor India...

http://capitalismandfredom.blogspot.com/2014/11/the-senate-blue-dogs.html

The Fed has been missing its inflation target for over two years. Both bond yields and expected inflation have been falling. Given Yellen’s weak leadership, the prospects for reflation a...

http://capitalismandfredom.blogspot.com/2014/10/the-feds-inflation-target-is-losing.html

The market’s price swings are normal and within historic range. Value is unrelated to price, and is rising. Do nothing now, but keep an eye out for deflation risk. There is nothing happ...

http://capitalismandfredom.blogspot.com/2014/10/the-selloff-is-noise-do-nothing.html

The looming collapse of the Venezuelan economy provides an interesting case study. While many aspects of its crisis are typical in Latin American balance of payments crises (such as large fiscal...

http://capitalismandfredom.blogspot.com/2014/10/venezuela-on-brink.html

Over the past five years, there has been a profound shift in the transatlantic bank regulatory regime. Following the 2008 crash, insolvent banks were recapitalized by governments, and bondhol...

http://capitalismandfredom.blogspot.com/2014/09/the-coming-european-depression.html

A binary risk with a credible adverse scenario is a real risk today. There is a real risk today of a Scottish Black Swan. It could happen before the referendum on September 18th. LAST WEE...

http://capitalismandfredom.blogspot.com/2014/09/the-scottish-referendum-may-already-be.html

A Yes vote would create great uncertainty about the future of the Scottish financial system. Both a new currency and sterlingisation are very risky. The shock could be immediate. SHOUL...

http://capitalismandfredom.blogspot.com/2014/09/financial-implications-of-scottish-yes.html

Conventional wisdom  says that the Fed’s taper is bearish for bonds and stock. In fact, the taper is bullish for stocks and bonds. Falling bond yields do not signal higher bond yields. ...

http://capitalismandfredom.blogspot.com/2014/08/the-taper-is-bullish-for-both-bonds-and.html

The deleveraging process has ended, but overall credit growth remains low. The culprits are the housing sector--and the Fed. Low growth supports current bond and equity valuations. The US...

http://capitalismandfredom.blogspot.com/2014/08/where-are-we-in-credit-cycle.html

LETTERS FAILURE AND BAILOUT OF BANCO ESPÍRITO ARE NO SURPRISE ONE OF THE TYPICAL OCCURRENCES IN FINANCIAL CRISES IS FOR CENTRAL BANKS AND GOVERNMENTS TO OFFER ASSURANCES THAT THINGS ARE ALL...

http://capitalismandfredom.blogspot.com/2014/08/letter-to-wsj-concerning-european-bank.html

The market selloff was prompted by noise rather than real data. On a YoY basis, the signals remain in range. There is no call for higher bond yields. Stocks remain cheap to bonds. Once ...

http://capitalismandfredom.blogspot.com/2014/08/now-is-time-to-buy-stocks-not-sell-them.html

In macroeconomic theory , liquidity preference refers to the demand for money , considered as liquidity . The concept was first developed by John Maynard Keynes in his book The General Theo...

http://capitalismandfredom.blogspot.com/2014/07/whats-up-with-velocity.html

Both nominal and real growth remain subdued. There are no signs of acceleration. The bond market has over-reacted. On a YoY basis, RGDP is growing at 2.4% and NGDP is growing at 4%, far...

http://capitalismandfredom.blogspot.com/2014/07/a-brief-note-on-second-quarter.html

Both the Right and Left see Yellen as a radical departure from her predecessors. But she is just another Bernanke and she won’t upset the apple cart. We can expect to see nothing radical c...

http://capitalismandfredom.blogspot.com/2014/07/janet-yellen-manchurian-candidate.html

Many pundits are predicting stronger growth and higher bond yields. They are misreading the monetary data. The FOMC is withdrawing stimulus in the face of slowing growth. The outlook is fo...

http://capitalismandfredom.blogspot.com/2014/07/bond-yields-dont-rise-when-fed-tightens_16.html

The June employment numbers are noise. Employment growth remains slow. There is little risk of an inflation shock. How should we interpret the strong employment growth figures for June? D...

http://capitalismandfredom.blogspot.com/2014/07/ignore-june-employment-data.html

The stock market remains attractively valued. The equity risk premium remains high by historical standards. The size of the premium reflects the low yields on offer in the bond market. ...

http://capitalismandfredom.blogspot.com/2014/07/the-equity-risk-premium-is-still-high.html

The United States is fighting a cold war with Iran. US policy has been to aid Iran’s enemies (the Gulf States, Israel) and to hurt Iran's friends (Syria, Hizbollah). So, when Sunni insurgents ...

http://capitalismandfredom.blogspot.com/2014/06/a-brief-note-on-new-war-in-middle-east.html