Very short stories
February 18, 2021
Short stories on the global recovery, plummeting COVID infections, Larry Summers & the bond market, SPAC sponsors, renewable energy, the Texas power outage and the battle for the Republican Party.
Hydraulic Spacking
February 8, 2021
In this month’s note, we look first at the SPAC capital raising boom. Our main focus: returns to date for SPAC sponsors and investors, and the large wealth transfers taking place among SPAC participants. Second topic: Biden’s early stage energy policies (ban on new oil & gas leases on Federal lands, Keystone XL pipeline termination and conversion of Federal fleet to EVs) will probably end up increasing US oil & gas imports more than they reduce emissions.
Fear of Flying
January 19, 2021
Equity markets are flying. So is COVID. So are corporate reactions to Congressional objectors.
Outlook 2021: The Hazmat Recovery
January 1, 2021
Michael Cembalest’s views on what will drive markets and the economy in 2021, as well as the challenges we face that stimulus and vaccines can’t solve.
Holiday Eye on the Market: The Winter of Our Discontent
December 14, 2020
The belief in election illegitimacy is spreading faster than COVID. With field reporting from Alexander Fleming, Rutherford B Hayes, Richard III, Bob Newhart and the Attorney General of Ohio.
The Armageddonists, Revisited
November 18, 2020
The Armageddonists were not rescued from underperformance purgatory by COVID, and markets are at all-time highs again with prospects for further gains in 2021. However, I can think of something that could rescue them, at least temporarily: the risk of electoral illegitimacy and Constitutional mayhem on January 6th.
Quiet Flows the Don
November 9, 2020
For the first time in 100 years, a challenger unseated an incumbent President at a time of strong economic and market tailwinds. However, the election delivered a clearer referendum on the President himself than on policy issues dividing Democrats and Republicans; it looks like divided government may remain. So, in this week’s Eye on the Market, a (possibly) divided government investor playbook. To conclude, comments on this morning’s Pfizer vaccine news and the road to herd immunity (approval, distribution and acceptance).
Buckle Up
October 13, 2020
The problem with states that do not allow pre-election processing of absentee ballots; a COVID Rorschach test; Trump and Biden deficit explosions, equity market impacts and trends that are being priced in as Democratic Sweep odds rise; Vaccine timing & virus-sensitive businesses.
Election 2020 - Praying for Time
September 30, 2020
The election as referendum on America: how well does the “system” work, and for whom?
The Needle and the Damage Done
September 4, 2020
The cost of engineering a US recovery as the world waits for a vaccine; Biden agenda on taxes/spending; Tech stocks (2020 vs 1999); COVID and The Fountainhead; US election rules, dates and process in light of derogatory comments on mail-in voting by the President and Attorney General.