Doug Noland: New Age Mandate

There is no doubt that central bank liquidity backstops have promoted speculation, securities leveraging and derivatives market excess/distortions. I also believe they have been instrumental in bolstering passive/index investing at the expense […]

Warren Buffett’s Bet

The Bet In 2008, Warren Buffett issued a challenge to the hedge fund industry, which in his view charged exorbitant fees that the funds’ performances couldn’t justify. Mr. Buffett contended that, including expenses, […]

Corporate Profits versus Corporate Profits

Real profits are down 2.7% from last quarter.  A tad bit lower than the 15% growth reported in the media.  But don’t worry, the media will maintain the positive narrative since they only care about non-GAAP profits spoon fed to them by the price-seeking corporations themselves and wall street analyst who make up “future” earnings ratios and happy narratives.