Independent financial research
Ideas worth revisiting.
Explore the Porter & Co. research archive—from free market commentary to previews of our subscriber research.
Get Porter’s Daily Journal free →Articles tagged “investment chronicles”
View all articlesNvidia shareholders would be wise to remember the fate of Cisco Systems following the dotcom boom (from stockgeek via Twitter on August 23)…
Read articleSEC filings show Michael Burry – the hedge fund manager of “Big Short” fame – made a big bearish bet on stocks in the second quarter (from Unusual Whales on August 14)…
Read articleHistory suggests a recession is extremely likely, but could still be a quarter or two away (from Eric Basmajian via Twitter on August 14)…
Read articleThe “short-volatility trade” has become wildly popular again (from Bloomberg on August 11)…
Read articleExpect to hear more about “fiscal dominance” in the months (and years) ahead – it all but guarantees the Federal Reserve will ultimately have to resume quantitative easing (QE) to fund the government’s soaring deficits (from Egon von Greyerz via Twitter on August 9)…
Read articleMoody’s Investors Service cut ratings on 10 small and midsize banks and warned it could downgrade larger banks as well (from Bloomberg on August 8)…
Read articleThe U.S. government is borrowing like never before in history outside of wartime (from The Wall Street Journal on August 8)…
Read articleThe recent decline in commercial bank lending is an ominous sign for the broad stock market (from Barchart via Twitter on August 7)…
Read articleHistory says the odds of success are not in favor of Nvidia investors today (from Jeremy Schwartz via Twitter on August 3)…
Read articleU.S. state and local income taxes are crashing this year (from Otavio Costa via Twitter on August 1)…
Read articleThe Federal Reserve’s Senior Loan Officer Opinion Survey (SLOOS) showed banks tightened lending standards on commercial and industrial loans again last month (from Lyn Alden via Twitter on July 31)…
Read articleWhat to make of last month’s “landmark shift” by Japan’s central bank (from the Financial Times on July 31)…
Read articleTraders were “all in” on the market boom at the end of last month (from Bloomberg via Yahoo Finance on July 28)…
Read articleAnd a continued rise in term premia could easily push long-term Treasury yields significantly higher, even if the Fed stops hiking and real yields begin to fall (from Jurrien Timmer via Twitter on August 25)…
Read articleHowever, bond term premia – a measure of the extra yield investors require to compensate them for the risk of holding longer-term bonds – also appear to be rising out of a multi-year downtrend (from CrossBorder Capital via Twitter)…
Read articleMeanwhile, hedge funds and speculators – who tend to be wrong at extremes – currently hold record net short positions in Treasury futures (from Deutsche Bank Research via The Daily Shot)…
Read articleThe sharp rise in yields has created a great deal of uncertainty among market participants. On the one hand, asset managers are holding one of their largest net long positions in 10-Year Treasury futures in history (from Bloomberg)…
Read articleThe big story this month was the rise in longer-term Treasury yields (interest rates) following Fitch Ratings’ downgrade of the U.S. credit rating. The yield on 10-Year Treasury Notes – in both nominal and “real” (accounting for inflation) terms – hasn’t been this high since the Great Financial Crisis (from Charlie Bilello via Twitter)…
Read articleHistory suggests Bitcoin is likely to trade well into six figures before this cycle peaks (from ChartsBTC via Twitter on July 28)…
Read articleBig 4 accounting firm KPMG says Bitcoin meets the definition of an “ESG asset” (from Sam Callahan via Twitter on August 2)…
Read articleThe current Bitcoin bear market has already been worse than those of 2015 or 2018 (from Will Clemente via Twitter on August 3)…
Read articleAugust and September have historically been negative for Bitcoin (from Timothy Peterson via Twitter on August 7)…
Read articleEthereum’s “lowest price forward” is painting a bullish picture today (from Timothy Peterson via Twitter on August 9)…
Read article