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The Corporate Bond Market Is Stirring But Not Worrisome

The Corporate Bond Market Is Stirring But Not Worrisome

By Michael Lebowitz and Lance Roberts | Jan 8, 2024 | Daily Market Commentary
“U.S. (corporate) high-yield bonds have sold off at the fastest pace since March, when traders were worried about a banking market collapse. Spreads have widened by nearly half a per...
Government Spending Drives The Economy

Government Spending Drives The Economy

By Michael Lebowitz and Lance Roberts | Jan 5, 2024 | Daily Market Commentary
Since January 2022, nominal GDP has grown by $2.5 trillion or 5.77% annually. Such a growth rate is much better than the 4.30% annualized growth rate in the three years leading up to the p...
Tax Gain Selling And Undressing Take Charge

Tax Gain Selling And Undressing Take Charge

By Michael Lebowitz and Lance Roberts | Jan 4, 2024 | Daily Market Commentary
Quite often, year-end trading is not a function of recent economic trends, earnings projections, or other traditional economic/fundamental/geopolitical factors. Instead, window dressing, m...
The Presidential Election Provides Stocks A Tailwind For 2024

The Presidential Election Provides Stocks A Tailwind For 2024

By Michael Lebowitz and Lance Roberts | Jan 3, 2024 | Daily Market Commentary
Our first article of the year, January Stats & New Year Investing Resolutions...
What May Lie Ahead in 2024?

What May Lie Ahead in 2024?

By Michael Lebowitz and Lance Roberts | Jan 2, 2024 | Daily Market Commentary
Happy New Year! To get an idea of what may lie ahead in 2024, we need to briefly review the market landscape through the end of last year. The S&P 500 finished the year roughly 25% hig...
The Calm Before the Storm

The Calm Before the Storm

By Michael Lebowitz and Lance Roberts | Dec 29, 2023 | Daily Market Commentary
It’s the last trading day of 2023, and not much is happening around the market. Stocks have edged higher this week, and bonds rallied on light volume. We expected this much, as we previo...
A Case for Adjusting NVDA’s Earnings

A Case for Adjusting NVDA’s Earnings

By Michael Lebowitz and Lance Roberts | Dec 28, 2023 | Daily Market Commentary
Human capital is an important input for growth at non-manufacturing tech companies such as NVDA. It fills a role as vital as CAPEX to a manufacturing company. Employee knowledge accumulate...
Last Call for Window Dressers

Last Call for Window Dressers

By Michael Lebowitz and Lance Roberts | Dec 27, 2023 | Daily Market Commentary
Some institutional investors must only report their holdings by the end of a month or quarter. As such, they often undertake window dressing trades around the end of these periods to give...
Banks And Credit Investors Have Vastly Different Opinions

Banks And Credit Investors Have Vastly Different Opinions

By Michael Lebowitz and Lance Roberts | Dec 26, 2023 | Daily Market Commentary
Corporations predominately borrow from banks and credit investors via the corporate debt markets. Most often, banks and credit investors have similar views as to pricing corporate loans/de...
Will The Red Sea Blockade Reignite Inflation Fears?

Will The Red Sea Blockade Reignite Inflation Fears?

By Michael Lebowitz and Lance Roberts | Dec 22, 2023 | Daily Market Commentary
Houthi rebels are attacking Red Sea vessels and greatly limiting traffic in one of the world’s most critical shipping lanes. Four of the world’s five largest container shipping compani...