Which of the figures below belong together? It’s obvious, even if analogies aren’t your strong suit, that A is like C and B is like D. A and C are not like B and D. The economic relevance of this simple visual exercise is this: At its March 2017 meeting, the Federal Open Market…
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“Stocks Have Froth but No Bubble,” in today’s Wall Street Journal argues that while stocks are sitting at the highest valuations seen in many years, the market is not in a bubble. Despite similarities to early 2000 by some measures, other distinguishing features of trading bubbles (such as high trading volume and high leverage) are…
Gold often rallies in times of intense market turmoil, as the safe-haven asset is perceived as a hedge against economic and financial risk. This was one of the rationales for constructing the S&P 500 Dynamic Gold Hedged Index. What happened on Friday, June 24, 2016, clearly demonstrated the effectiveness of the strategy in terms of…
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