Perspectives

TSP & Vanguard Smart Investor Posts

TSP Smart: Wars and Markets

If interest rates today matched inflation the 10-year would already be 8% which in turn would collapse valuations back to 10x earnings… so the stock market would be 65% lower today relative to earnings.

Doug Noland: Honor

And if I were selling subscriptions or using an email list, this is where the cancellations come. Here it goes: I guess I’m a traditionalist. As Americans, during a crisis we would rally around the President. This is not the time – the era – to crave – to strive – for his failure. There’s no Honor in that. Most regrettably, we today have our own domestic “iron curtain” and “cold war” mentality. It will not serve us well.

Doug Noland: Lost Control

Consumer price inflation continued to run hot in January. CPI increased a stronger-than-expected 0.6% during the month, boosting y-o-y inflation to a 40-year high 7.5%. Hyperbole is unnecessary. Inflation is out of Control.

TSP Quicklook: Ugly

Market internals moved from bad to ugly this week. There was little bounce after Options Week ended. Then the Federal Reserve basically confirmed that they are not there to prop up the stock market for now.