The carry trade with the best mark-to-value and the most valuable optionality is the one that no one is doing.
Donald L. Luskin
The King of Carry Trades
Tuesday, June 14, 2005
Efficient Equals Wrong
Friday, June 10, 2005
We aren't buying the stories the "efficient" bond market is telling, and either is Greenspan.
Thursday, June 2, 2005
Stocks are telling us that inflation risk is moderating, rates are rising, and that growth will be steady.
On the Judicial Nominations Pact
Wednesday, May 25, 2005
Friday, May 20, 2005
Risks to equities are improving, and so are prices -- yet stocks are as cheap as ever.
Thursday, May 12, 2005
Stocks have pulled back from a value abyss -- shades of March, 2003.
Department of Corrections
Wednesday, May 4, 2005
The FOMC corrected its statement yesterday -- but when will the Fed correct the bond market.
Inflation: Disagreement Among Friends
Tuesday, April 26, 2005
Even economists who respect market-based price signals are missing the evidence of more inflation yet to come.
Tsunamis! Killer Asteroids! Protectionism!
Thursday, April 21, 2005
Add another one to the list of risks driving stocks to historic undervaluation.
Back to Square One
Friday, April 15, 2005
In growth-sensitive markets now, it's as though the presidential election never happened.