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"Designed in California, Assembled in China":
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Apple vs. Foxconn stock price since 2004
Investments Office, June 2013
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Deflationary Boom?
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The defining feature of the present market and economic environment is incompatibility, juxtaposing weakness in emerging markets, materials, and inflation-protected securities with strength in equities and the U.S. dollar, a spike in interest rates, and an unusually steep yield curve in Treasury securities. The underlying thesis here couples a theme of deflation with a theme of robust economic strength. Taken together, the financial markets have priced a wide range of assets on the assumption that the U.S. is on the verge of a deflationary boom. Most likely, part of this scenario is wrong.
Hussman Funds, July 8, 2013 , John P. Hussman, Ph.D
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Greenspan vs. Bernanke Communication Style
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GaveKal Research, July 11, 2013 , Anatole Kaletsky
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Most Hated Bull Market Ever?
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CNBC, July 9, 2013
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S&P 500 Drawdowns since 2010
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The month of June proved the old “sell in May go on holiday” correct for all asset classes except cash denominated in major currencies. Although a correction was long overdue both for bonds and stocks, one can’t help always feeling surprised when it arrives!
Investments Office, June 2013
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Underestimating Growth
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Federal Reserve Bank of Dallas, June 2013 , Richard W. Fisher
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Shakespeare and Monetarism
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Federal Reserve Bank of Dallas, June 2013 , Richard Fisher
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The Canary in the Coal Mine
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"The recent string of surprise downside moves in markets may be the canary in the coal mine for global investors."
Guggenheim Partners, June 2013 , Scott Minerd
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Low Inflation in a World of Securitization
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"Weak lending may still be the culprit behind low inflation, but monetary aggregates may no longer closely track credit conditions."
Federal Reserve Bank of St. Louis Economic Synopses, 2013, No. 15 , Brett W. Fawley and Yi Wen
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Present and Emerging Risks to the Gold Trade
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The notion of gold as a hedge against systemic risks is flawed. We believe that the concept of gold’s role as an insurance policy needs to be narrowed significantly.
GMO, April 2013 , Amit Bhartia and Matt Seto
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