Opinions Uncensored

Problems with the Short-Term

Earlier this year I spoke about the problem of “the long-term”.  This is the tendency for modern finance to emphasize a long-term view due to the fact that assets tend to perform well over the long-term. This is empirically true. If we look at the performance of stocks, bonds and the broader...

Construction Spending increased 0.1% in June

The Census Bureau reported that overall construction spending increased slightly in June:The U.S. Census Bureau of the Department of Commerce announced today that construction spending during June 2015 was estimated at a seasonally adjusted annual rate of $1,064.6 billion, 0.1 percent above the...

ISM Manufacturing index decreased to 52.7 in July

Note: This was released early.The ISM manufacturing index suggested expansion in July. The PMI was at 52.7% in July, down from 53.5% in June. The employment index was at 52.7%, down from 55.5% in June, and the new orders index was at 56.5%, up from 56.0%.From the Institute for Supply...

What Are Q2 Earnings Telling us About the Markets?

The US stock market has hardly budged this year. And given some of the turmoil in Europe and China some might be inclined to wonder why we haven’t started to see a big decline in US stocks. The answer lies in the fact that we’re not seeing a big pass through effect from China and Europe... Read...