A Conversation with George Soros

Tuesday, March 16th, 2010

George Soros is interviewed in great depth at Hong Kong University, February 3, 2010. In this lecture, he shares his outlook, his thoughts on financial markets, and his philosophy.

A Conversation with George Soros at HKU from JMSC HKU on Vimeo.

Additional resources
Transcripts of Soros’ speeches from Central European University, October 2009:

Lecture 1 General Theory of Reflexivity
Lecture 2 Financial Markets
Lecture 3 Open Society
Lecture 4 Capitalism vs. Open Society
Lecture 5 The Way Ahead

Source: Hong Kong University, February 3, 2010

Tags: Additional Resources, capitalism, Central European University, Conversation With George, Financial Markets, George Soros, Hku, Hong Kong University, philosophy, Society Lecture, Soros George, Speeches, Transcripts
Posted in Markets | No Comments »

Stock Market Valuation is Stretched on Long-term Basis

Tuesday, March 16th, 2010

With the S&P 500 Index and a number of other benchmark stock market indices flirting with cycle highs, I will be monitoring things very closely over the next few days to see if the market’s overbought condition spells more downside potential than an expected consolidation. Or will the Index surprise us and fly trough the 1,151 area?

In addition to being overbought, the S&P 500 is also now expensively valued on a long-term cyclically adjusted PE (CAPE) basis, according to Robert Shiller, economics professor at Yale and author of, among others, Animal Spirits, Subprime Solution and Irrational Exuberance.

In order not to work with notoriously unreliable forward-looking earnings estimates, I have always preferred using Shiller’s CAPE methodology, or normalised earnings, as they average ten years of earnings. This measure provides a good picture of the market’s value regardless of where we are in the business cycle. I have therefore been updating a CAPE chart for a number of years. On this basis, the multiple has increased to 20.5 since the March low of 13.3, representing an overvaluation of 25.0% when compared to a long-term average of 16.4.

“Where breadth goes, the market usually follows,” goes an old market saying. Breadth indicators are useful tools to assess the inner workings of the market’s rallies or corrections, and are used to identify strength or weakness behind market moves, i.e. to assess how the bulls and the bears are exerting themselves.

One such measure is net new highs, calculated by subtracting the number of new 52-week lows from the number of new 52-week highs (see top pane in the chart below). This indicator often peaks before the price index, as was the case in November. It has also been falling sharply over the past few days. Is this again a precursor to a lower S&P 500 (bottom pane)?

Source: StockCharts.com

I stand by my summary in my Words from the Wise review on Sunday: Although the fat lady has not yet made her appearance to signal the end of the bull cycle, the steepness of the nascent rally, together with resistance in the area of the January highs, could result in stock markets consolidating in order to work off a short-term overbought condition. On the fundamental front, tighter money does not necessarily spell a declining stock market, but turning off the “juice” will certainly remove a tailwind, making earnings growth the key determinant for generating further gains (especially in light of stretched valuations).

Tags: 52 Week Highs, 52 Week Lows, Animal Spirits, Bottom Pane, Breadth, Business Cycle, Earnings Estimates, Economics Professor, Inner Workings, Irrational Exuberance, Market Moves, New 52 Week Highs, New 52 Week Lows, New Highs, Normalised, Price Index, Robert Shiller, Stock Market Indices, Stock Market Valuation, Term Basis
Posted in Markets | No Comments »

Russia Expanding its Influence

Tuesday, March 16th, 2010

With the United States preoccupied with two wars, Russia is taking advantage of an opportunity to expand its influence and control over neighboring states. The first phase is nearly complete, and Stratfor analyst Marko Papic says pressure now is growing on the Baltics.

As an aside, “extortion by corrupt officials in Russia has got so bad that some Western multinationals are considering pulling out altogether,” Alexandra Wrage, the head of a US anti-bribery group, told Reuters. “There appears to be a sense of near-complete impunity, a sense of entitlement … there is no sympathetic low-level management, no sympathetic mid-level management, or sympathy at the top (for anti-bribery efforts).”

Russia really worries me. I hope I’m wrong.

Source: Stratfor Global Intelligence (via YouTube), March 9, 2010.

Tags: Advantage, Alexandra, Baltics, Bribery, Control, Corrupt Officials, Extortion, Global Intelligence, Impunity, Level Management, Mid Level, Multinationals, Opportunity, Reuters, Russia, Sense Of Entitlement, Sympathy, United States, Youtube
Posted in Markets | No Comments »

Adam Hewison: A Sneak Peek S&P 500, Dollar, Gold, and Crude Oil

Tuesday, March 16th, 2010

Adam Hewison is back with four new videos, sharing his outlook for the S&P500, the dollar, gold, and crude oil in the near term. Even if you’re not a trader, Hewison’s seasoned way of explaining ideas is very well informed and useful, and his videos are worth watching, and keeping tabs on.

Title : A Sneak Peek At The S&P 500

This week could be shaping up to be an extraordinary week in the markets. I strongly recommend that traders everywhere take precautionary measure measures to protect capital.

“While the S&P 500 made new highs for the year last week, it did not do so in a very convincing manner. In today’s short video I show you some of the elements that I think should be cause for concern.”

Title: Is The US Dollar Reversing Again?

“It’s been a while since we did a video on the euro/dollar relationship. This relationship may be reversing again based on recent price action. In today’s short video I point out some of the changes we see happening in this market.”

Last week, Jim Rogers discussed his long position in the euro. The reversal of the dollar, may also be a sign that ‘risk’ is back on, though I suspect that will have more to do with the USDJPY cross. For the time being, however, the dollar looks set to weaken against the yen too.

This week could be shaping up to be an extraordinary week in the markets. I strongly recommend that traders everywhere take precautionary measure measures to protect capital.

Title: A Sneak Peek At Gold

This week could be shaping up to be an extraordinary week in the markets. I strongly recommend that traders everywhere take precautionary measure measures to protect capital.

“Last week we gave you a Trade Triangle alert to exit the gold market on the long side. Since that alert was issued gold has dropped significantly.”

Hewison points to a very specific key level of $1091.19. If gold breaches that level, Hewison says it will test around 1060, a he believes that gold will be range-bound for the next while.

Title: A Quick Peek at Crude Oil

Tags: Advertisement, Amp, Breaches, Capital Gold, Commodities, Convincing Manner, Crude Oil, Dollar Gold, Elements, Euro Dollar, Exit, Gold, Gold Market, Jim Rogers, Measures, New Highs, Outlook, Precautionary Measure, Relationship, risk, Sneak Peek, Tabs, Trade Triangle, US Dollar, Videos, Yen
Posted in Markets | No Comments »

Kim Shannon: Yes to BCE, No to Banks

Tuesday, March 16th, 2010

Kim Shannon, fund manager of Brandes Sionna Canadian Equity Fund, and 2005 Morningstar fund manager of the year discusses why BCE represents compelling value … and why Canadian banks don’t.

Tags: Bce, Canadian Banks, Canadian Equity Fund, Morningstar, Shannon, Shannon Fund
Posted in Markets | No Comments »

Index Summary and U.S. Equity Market Highlights (3/15/2010)

Monday, March 15th, 2010

Index Summary

• The major market indices were higher this week. The Dow Jones Industrial Index (1) rose 0.55 percent. The S&P 500 Stock Index (2) advanced 0.99 percent, while the Nasdaq Composite (3) finished 1.78 percent higher.
• Barra Growth (4) outperformed Barra Value (5) as Barra Value finished 0.97 percent higher while Barra Growth gained 1.01 percent. The Russell 2000 (6) closed the week with a gain of 1.59 percent.
• The Hang Seng Composite (7) finished higher by 2.06 percent; Taiwan (8) was up 1.07 percent and the Kospi (9) advanced 1.72 percent.
• The 10-year Treasury bond yield closed at 3.70 percent, up 1 basis point for the week.

Domestic Equity Market

The figure above shows the performance of each sector in the S&P 500 index for the week. The best-performing sector was telecom services, up 2.5 percent. Other better-performing sectors included financials and technology. Underperforming sectors were utilities, consumer staples, and healthcare.

Within the telecom services sector the best-performing stock was Sprint Nextel Corp., up 9.8 percent. Other better-performing stocks in the sector were Windstream Corp. and MetroPCS Communications Inc.

Strengths

• The industrial REIT (real estate investment trust) group was the best-performing group for the week, up 9 percent, led by its single member, ProLogis. The company sold $1.5 billion in notes during the week. At a conference in the prior week, ProLogis said that it has observed more demand in the market and noted that market rents are beginning to bottom out.
• The diversified REIT group was the second-best-performer, rising 7 percent. Its single member, Vornado Realty Trust, said at a conference the prior week that it expects to make acquisitions this year that can generate returns for shareholders.
• The regional banks group was among the outperformers, rising 5 percent. This strength likely came from investors anticipating a turn in the credit cycle, with loan losses beginning to diminish during 2010.

Weaknesses

• The agricultural products group was the worst performer, down 6 percent, led by its single member, Archer Daniels Midland Co. (ADM). Officials from the Obama Administration conducted a hearing on competition in agriculture that may shape a new era of antitrust enforcement. Along with ADM, names mentioned in the press that might be affected include Monsanto Co. and Tyson Foods Inc.
• The gas utility group underperformed, falling 3 percent. EQT Corp., a member of the group, priced a public offering of 12.5 million shares at $44 per share.
• The gold group underperformed, declining 3 percent, led by its single member, Newmont Mining Corp. The price of gold declined during the week.

Opportunities

• There may be an opportunity for gain in merger & acquisition transactions in 2010. Corporate liquidity is high, thereby providing the means to pursue acquisitions.

Threats

• Should investors’ expectations for an improving economy not come to fruition on a reasonable time frame, it could be a threat to stock prices.
• As governments around the world begin to wind-down the monetary and fiscal stimulus programs put in place during the economic crisis, it will likely present a headwind for stocks.

Tags: 10 Year Treasury, 10 Year Treasury Bond, Archer Daniels Midland, Archer Daniels Midland Co, Banks Group, Consumer Staples, Dow Jones Industrial, Dow Jones Industrial Index, Estate Investment Trust, Gold Group, Index Summary, Loan Losses, Major Market Indices, Market Rents, Midland Co, Monsanto Co, Nasdaq Composite, Prologis, Real Estate Investment, Real Estate Investment Trust, Regional Banks, Sprint Nextel, Treasury Bond Yield, Tyson Foods, Tyson Foods Inc, Vornado Realty, Vornado Realty Trust, Windstream Corp
Posted in Markets | No Comments »

China Construction: Boom or Bust?

Monday, March 15th, 2010

It would not take too much guessing to figure out where the bulk of the world’s construction activity is taking place. Of course, it is in China, but who would have thought global construction would decline from a year-on-year rate of almost 20% to close to zero once China is stripped out? This is what the fascinating chart below by CRU, WSD and Mcquarie Research (via Agora Financial’s 5 Min Forecast) highlights.

“The Chinese are laying highways like nobody’s business,” added Agora’s Chris Mayer. “By the end of 2008, China had an estimated 60,000 km of highway. The US has 75,000 km. Over the next few years, China plans to have 85,000 km of roads.”

Is building activity in China a boom or a bubble? Please share your thoughts with readers by posting a comment. (Click on “Comments” below the heading of this post and type away.)

Source: Agora Financial’s 5 Min Forecast, March 10, 2010.

Tags: Advertisement, Agora Financial, Bust, China, China Construction, Chris Mayer, Construction Activity, Construction Boom, Emerging Markets, Global Construction, Heading, Highways, Mcquarie, Share Your Thoughts, Wsd
Posted in Markets | No Comments »

The Economy and Bond Market Highlights (3/15/2010)

Monday, March 15th, 2010

The Economy and Bond Market

Bond yields moved higher across most of the Treasury curve, the exception being the 30-year bond, which rallied after strong auction results late in the week.

February retail sales rose 0.3 percent month over month and 3.9 percent year over year. Overall, retail sales continue to positively surprise when considering the high unemployment levels. Several factors may offer at least a partial explanation. Household net worth rose 1.3 percent in the fourth quarter and is now up 12.4 percent year over year. Tax refunds are also running ahead of last year by more than 7 percent. Another explanation may be tied to pent-up demand—after 18 months of frugality, consumers may feel comfortable enough to spend again.

Strengths

• Retail sales in February were stronger than expected in virtually all areas.
• The U.S. Labor Department reported that job openings rose 7.6 percent in January, hitting an 11-month high.
• China released February economic data this week and it was generally stronger than expected. Retail sales rose 22.1 percent, money supply rose 25.5 percent and fixed asset investment rose 26.6 percent.

Weaknesses

• Along with the strong growth data out of China this week also came higher-than-expected inflation data. CPI rose 2.7 percent on a year-over-year basis and continues to stoke concerns of continued tightening measures from the government.
• University of Michigan Consumer Confidence modestly disappointed expectations.

Opportunities

• If financial markets are a good mechanism for discounting the future, the future appears relatively robust. The markets have been able to shake off bad news relatively easily recently, probably a good sign for the economic recovery.

Threats

• When governments around the world begin to wind-down the monetary and fiscal stimulus programs put in place during the economic crisis, it will likely present a headwind for the economy.

Tags: Advertisement Opportunities, Asset Investment, Auction Results, Bond Market, Bond Yields, Economic Crisis, Economic Data, Economic Recovery, Fiscal Stimulus, Frugality, Headwind, Inflation Data, Labor Department, Michigan Consumer Confidence, Money Supply, Partial Explanation, Several Factors, Tax Refunds, Treasury Curve, Unemployment Levels, University Of Michigan Consumer Confidence
Posted in Markets | No Comments »

Gold Market Highlights (3/15/2010)

Monday, March 15th, 2010

Gold Market

For the week, spot gold closed at $1,101.90 per ounce down $32.75 or 2.89 percent. Gold equities, as measured by the XAU Gold & Silver Index (XAU) fell 2.79 percent for the week. The U.S. Trade-Weighted Dollar Index (DXY) also slipped, losing 0.77 percent.

Strengths

• Hedge fund managers John Paulson and George Soros both made significant investments, at discounts to market, in a potential gold-mining company with significant mineral assets. These transactions point to an expectation of future economics in the gold mining sector which are deemed to be more attractive.
• John Embry, chief investment strategist at Sprott Asset Management, was recently interviewed on Mineweb.net and noted the public is becoming increasingly aware of the looming sovereign debt crises. He noted that historically they would counsel investors to have 5 to 10 percent of their assets in the precious metals sector, but now that suggestion is above 20 percent.
• A recent IMF Staff Position Note “Rethinking Macroeconomic Policy,” released this quarter, is making the argument that traditional inflation targeting of 2 percent may not be optimal and opens the discussion of inflation targets at 4 percent.

Weaknesses

• Some of the recent weakness in gold was attributed to liquidations of long position related to an upcoming hearing by the Commodity Futures Trading Commission to investigate speculative interest in the precious metal market.
• South African has fallen to the world’s fourth largest gold producer behind China, Australia and the United States. Falling production is partly being driven by declining ore grades, down 8 percent over the past year. Reportedly, China is very active within South Africa trying to secure supplies of industrial metals, but likely would not rule out opportunities to obtain production interest in the precious metals sector.
• The prime minister of Greece has been busy trying to find governmental allies to create regulations that would limit the use of credit-default-swaps in financial markets, which he blames for driving up the borrowing costs of issuing debt.

Opportunities

• Last year was the first time union membership in the public sector rose above private sector membership. The average hourly wage of public employees last year was $39.66, about 45 percent higher rate than the average hourly wage of $27.42 paid in the private sector. According to U.S. Bureau of Labor Statistics, businesses have cut 8.5 million jobs while government job losses are almost nil. Public spending to support these jobs could contribute to massive deficits that could weaken the dollar and benefit gold.

Threats

• RBC recently highlighted that the South African rand could rise 10 percent in the next three months as the country prepares to host soccer’s World Cup. Unless the gold price rises an equal amount, some of the miners could see a margin squeeze.
• Several reports have highlighted whether the days of big gold companies is over. While this can be an opportunity, uncertainty is more prevalent in the near term.
• The world’s biggest gold miner is planning to list its African assets as a separate company in London. In another case, the world’s third largest gold miner hinted the company could rationalize assets.

Tags: Chief Investment Strategist, China Australia, Commodity Futures Trading Commission, Futures Trading Commission, George Soros, Gold, Gold Equities, Gold Market, Gold Mining Company, Gold Producer, Imf Staff, Industrial Metals, Inflation Targets, John Embry, John Paulson, Ore Grades, Precious Metal Market, Precious Metals Sector, Prime Minister Of Greece, Silver Index Xau, Speculative Interest, Spot Gold
Posted in Markets | No Comments »

Energy and Natural Resources Market Highlights (3/15/2010)

Monday, March 15th, 2010

Energy and Natural Resources Market

The source of this graph is IHS Herold. The securities identified in the graph were selected for inclusion by IHS Herold and may or may not be held by portfolios managed by U.S. Global Investors, Inc., whose holdings may change daily.

Strengths

• Chinese crude oil import surged in the first two months of the year up 45 percent year over year. The apparent demand growth is up 25 percent over the same period.
• Chinese floor space under construction rose 29.3 percent year over year in January and February (combined).
• German crude steel production increased 34 percent year over year to 3.4 million metric tons in February 2010, according to WV Stahl. This marks an acceleration on the rate of increase recorded in January, when crude steel production rose by 28 percent year over year.
• Crude steel production in China, the largest maker, rose 22.5 percent to 50.36 million metric tons, according to data from the National Bureau of Statistics.
• Indian coal imports climbed 20 percent year over year in February. It received 6.1 million metric tons of the fuel from suppliers in Australia, Indonesia and South Africa. India plans to almost double electricity generation capacity by 2012 and by then the shortage of coal is expected to exceed 200 million metric tons.
• In January 2010, U.S. coal exports were up 17.5 percent year over year to 5.8 million tons, driven by a 62.9 percent year-over-year increase in metallurgical coal exports, the highest level since September 2008.
• Copper imports by China, the world’s largest consumer, increased 10 percent in February from the previous month on sustained demand.

• Italian oil and gas group Eni SpA cut its production growth target on Friday and said investors would have to wait until 2011 to see any growth in output or dividends. Eni, the world’s seventh-biggest listed oil company, said production is expected to grow more than 2.5 percent per year on average through 2013—this estimate was down from 3.5 percent per year in its previous plan.

Opportunities

• ExxonMobil, the largest U.S. oil company by market value, said at its annual analyst meeting in New York that it expects to boost its capital spending 3.3 percent to $28 billion in 2010 and that it would spend $25 to $30 billion per year through 2014. The bulk of the company’s capital budget would go toward developing dozens of major projects around the world.
• Quadra Mining Ltd. gained 10 percent this week after State Grid Corp. of China agreed to buy 9.9 percent of the company for $148 million to secure a share of the copper from Quadra’s Chilean projects. Beijing-based State Grid is the larger of China’s two grid operators.
• BP on Thursday confirmed it would enter the deep waters off the coast of Brazil, one of the world’s most promising areas for oil exploration, with a $7 billion deal to buy international oil and gas assets from Devon Energy.
• The active land-drilling rig count is on the rise, but North Dakota has been one of the fastest growing in the Lower 48 since the bottom last year, more than doubling its rig count since mid-2009. Driving the North Dakota rig count higher has been a sharp rebound in activity in the Bakken Shale, considered one of the largest oil formations in the U.S.

Threats

• China’s inflation reached a 16-month high, industrial output climbed and new loans exceeded forecasts, adding to the case for the government to pare back stimulus measures. Consumer prices rose 2.7 percent in February from a year earlier, the National Bureau of Statistics said, compared with the 2.5 percent median estimate of 29 economists surveyed by Bloomberg News. Seasonal factors stemming from a weeklong holiday may have boosted prices. Production rose 20.7 percent in the first two months of 2010, the most in more than five years.
• A glut of unconventional natural gas supplies from U.S. shale deposits has fundamentally recast the long-term prospects for liquefied natural gas imports that were once considered the linchpin of the nation’s energy security, industry executives said at the Ceraweek energy conference in Houston.
• China is idling up to 40 percent of its wind-turbine factories following a surge in investment driven by the government’s renewable energy goals, the vice president of Shanghai Electric Group Corp. said this week.

Tags: Bureau Of Statistics, Coal Exports, Coal Imports, Commodities, Crude Oil, Crude Steel Production, Electricity Generation Capacity, Eni Spa, Floor Space, Gas Group, Growth Target, Herold, Italian Oil, Metallurgical Coal, Million Metric Tons, Months Of The Year, National Bureau Of Statistics, Oil Company, Oil Import, U S Global Investors, U S Global Investors Inc
Posted in Markets, Oil and Gas | No Comments »

Emerging Markets Highlights (3/15/2010)

Monday, March 15th, 2010

Emerging Markets

Strengths

• The number of people living at or above the level of “medium development”— considered to live in reasonable conditions and have access to education, health care, clean water and electricity—has grown by more than 2 billion people during the past several decades. That is more than the entire global population in 1900.
• The Asia Pacific region provided 234 names to the latest Forbes World’s Billionaires list released this week, up from 130 last year. The region accounted for 23 percent of the total 1,011 billionaires globally.
• China’s February exports grew by a higher-than-expected 45.7 percent year over year due to a strong rebound in exports of textile, steel products, televisions and motorcycles. Imports rose 44.7 percent in February from a year earlier thanks to a large swing of crude oil prices from last year.
• Brazil highway traffic in February rose by 6 percent year over year. It was driven mainly by heavy vehicles traffic (up 11.9 percent) and passenger traffic (up 4.3 percent).
• Brazil’s budget minister says his country is likely to see 6 percent GDP growth this year and the creation of 2 million jobs.
• January retail sales in Brazil increased 10.4 percent year over year.
• Industrial production in India in January rose 16.7 percent and was driven by higher activity in the mining sector (up 14.6 percent) and manufacturing (up 17.9 percent).
• Turkish new-car sales in February jumped 42 percent year over year, aided by tax incentives and a low base. The rise was above industry expectations.

Weaknesses

• China’s growth in fixed-asset investment moderated to 26.6 percent year over year in January and February combined, compared with the stimulus-driven rate exceeding 30 percent between March and October 2009, as the government wound down new public investment projects.
• Despite restraining government policies, property prices in 70 cities in China climbed another 10.7 percent year over year in February, the fastest pace in 23 months, after January’s 9.5 percent gain. New and existing home prices increased 1.3 percent and 0.4 percent month over month, respectively.
• All three publicly traded airport groups in Mexico reported declines in passenger traffic during February.
• Turkey ended IMF negotiations without a loan agreement. In absence of the IMF loan, there will be little upside to 4 percent GDP growth projections for 2010.

Opportunities

• If home-buying sentiment in China has shifted toward “wait and see,” auto purchases have remained very strong as the government maintained policy incentives. Even in the seasonally slowest month of February, 1.21 million vehicles were sold. The combined 2.88 million units sold in January and February was 84 percent higher than the same period in 2009. Such strength is likely to carry into March and April, typically strong months for car sales, as potential auto buyers rush to purchase before subsidy programs are withdrawn. Opportunities still exist for Chinese automakers and steel mills.

• It is estimated that damage to Chile’s infrastructure from recent earthquakes will be $20 billion to $30 billion, and will result in a massive government revival program. Dealing with effects of the earthquake is going to be a priority for the new president, Sebastian Pinera. Chile has a very healthy fiscal position and should easily fund the program from its copper fund, as well as from local and external debt.
• After years of neglect, there is a structural shortage at the residential end of Russian real estate market. New strategy announcements from the Russian real estate companies suggest that they are coming out of hibernation and are planning to launch construction and start pre-sales.

Threats

• While China’s central bank governor said February’s 2.7 percent increase in consumer prices from a year earlier was in line with his expectation, the latest inflation figure did surpass the one-year deposit rate of 2.25 percent. Negative real interest rates may provide an additional incentive to drive asset prices further ahead, creating fears of imminent monetary tightening that may introduce short-term volatility into the market.

• Mexico’s official inflation in February rose 0.58 percent month over month (vs. 0.50 percent expected) and was up 4.8 percent on an annualized basis. While the rate is still within the 4.75 percent to 5 percent target range, we will closely monitor the trend in coming months.
• The issue of exiting from monetary stimulus becomes pressing in countries like Brazil and Turkey, where inflation pressures are building. The chart below shows Citi’s estimates of upcoming rate increases in emerging countries in 2010.

Tags: Asia Pacific Region, Asset Investment, Billionaires List, Brazil, Budget Minister, China, Cities In China, Crude Oil Prices, Education Health Care, Emerging Markets, Forbes World, GDP Growth, Global Population, Heavy Vehicles, Highway Traffic, Img Src, India, Industry Expectations, Investment Projects, Motorcycles Imports, New Car Sales, Openx, Passenger Traffic, Public Investment, Random Number, Russia, Steel Products, Target, Tax Incentives
Posted in Emerging Markets, India, Markets | No Comments »

Face-to face with the bears: Marc Faber and Mish Shedlock

Monday, March 15th, 2010

In the three-part interview below, Aaron Task and Henry Blodget of Yahoo Finance - Tech Ticker interview Marck Faber, publisher of the Gloom, Boom and Doom Report, and Mish Shedlock, investment advisor at Sitka Pacific Capital and author of the economics blog, Mish’s Global Economic Trend Analysis. They discuss, among others, the economic outlook, inflation vs deflation, and the prospects for stock markets.

These are admittedly two of the most bearish commentators around, but well worth listening to.

Part 1: Economic outlook

Source: Yahoo Finance - Tech Ticker, March 12, 2010.

Part 2: Inflation vs deflation

Source: Yahoo Finance - Tech Ticker, March 12, 2010.

Part 3: Prospects for stock markets

Source: Yahoo Finance - Tech Ticker, March 12, 2010.

Tags: Advertisement, Bears, Boom, Commentators, Deflation, Doom, Economic Outlook, Economic Trend, Economics, Face To Face, Gloom Boom And Doom Report, Henry Blodget, inflation, Investment Advisor, Marc Faber, Marck, Prospects, Stock Markets, Trend Analysis, Yahoo Finance
Posted in Markets | No Comments »