Minyanville

This is a compendium of Howard L. Simons' Minyanville articles from February 2010 through the end of the site's active life in July 2014. The dates refer to when the article was written.

"U.S. Sovereign Credit Risk And Inflation ," February 7, 2010, on CDS being an indicator of catastrophic inflation
"Why A Company's Credit Risk Can Be Lower Than A Country's ," February 7, 2010, on quirks in sovereign CDS
"Commodities Are Poor Inflation And Currency Hedges," February 7, 2010, on negative long-term constant-dollar price trends in commodities
"Chinese Monetary Policy And Global Equity Risk," February 13, 2010, on the importance of China's capital exports to other markets
"Chinese Monetary Policy And U.S. Fixed-Income," February 13, 2010, on Chinese purchases of U.S. Treasury securities
"Chinese Monetary Policy And Base Metals," February 13, 2010, on base metals' sensitivity to Chinese demand
"Failure Is An Option In Currency Trading," February 19, 2010, on the poor performance of currency traders
"Japan, U.S. Treasuries And Emerging Markets," February 19, 2010, on a switched role for the yen carry trade
"Quality Is More Important Than Size," February 20, 2010, on different stock-bond correlations across the quality dimension
"From Russia With Crude," February 24, 2010, on Russia's crude oil dependence
"Switzerland's Alpine Cash Inflows," February 24, 2010, on Swiss markets' commodity linkage
"Inflation: Some Day, But Not Tomorrow," February 25, 2010, on continued pressure on the money supply
"Food And Fuel Still A Bad Combination," March 4, 2010, on sugar, corn, ethanol and gasoline
"Bonds During The Last High-Inflation Era," March 4, 2010, on bond investors' delayed reactions during the 1970s
"Bond Risk For The Long Run," March 4, 2010, on risk and return in Treasury bonds by maturity segment
"Growth And Value, Ten Years After," March 10, 2010, on the relative performance of the two styles
"Commodity-Linked Equities Not Commodities," March 11, 2010, on a shift in behavior by the resource stocks
"Convertible Bonds In The Bull Market," March 11, 2010, on the vulnerability of high-yield convertibles
"Honey, I Shrunk The Equity," March 16, 2010, on the impact of equity issuance and shrinkage
"No Worries In Swap Land," March 17, 2010, on the implications of declining swap spreads
"Free Inflation Insurance. Inquire Within," March 17, 2010, on the underperformance of TIPS
"Gold Needs More Irresponsibility," March 24, 2010, on the stall in gold prices
"There Is No Such Thing As Commodities," March 24, 2010, on the low correlation between various commodity sub-indices
"India Raises Rates. No Film At 11," March 25, 2010, on the implications of India's rate-hike
"Commodities And Currencies Are Not What You Think," April 1, 2010, on the linkages between individual commodities and currencies
"Platinum Could Flatten 'Em," April 1, 2010, on a bullish outlook for platinum group metals
"Free Money And The Financial Sector," April 2, 2010, on diminishing returns on low short-term interest rates
"Crude Oil - S&P 500 Relationship Moving Toward Danger Zone," April 8, 2010, on a prospective return to negative correlation at high prices
"If You've Got The Money, Honey, Don't Buy The Crude," April 8, 2010, on the non-linkage between monetary factors and crude oil prices
"The Yuan: Forwards March!," April 8, 2010, on inferring a yuan revaluation
"Steeper My Curve To Thee," April 15, 2010, on the instability of the term yield curve
"Short Rates And The New Abnormal," April 15, 2010, on the structure of the money-market yield curve
"No Dread In TED Spread," April 15, 2010, on the depressed TED spread
"Food Stocks Shrug Off John Barleycorn's Demise," April 22, 2010, on weak impact of lower corn and soybean prices on the group
"Bond Market Accepts Higher Inflation Expectations," April 23, 2010, on the implications of declining realized TIPS volatility
"Short-Dated Inflation Expectations To Rise First," April 23, 2010, on real and inflation-expectations yield curve
"Emerging Markets' Carry Harvest," April 29, 2010, on links between currency carry and global equity indices
"Easy Livin' And Equity Underperformance," April 29, 2010, on relative equity performance following quantitative easing
"Bond Performance And Quantitative Easing," April 29, 2010, on relative sovereign debt performance following quantitative easing
"The Euro's Industry Group Impact," May 6, 2010, on the industry group impact of the euro
"Euro And Yen: You Gotta Know When," May 6, 2010, on the euro/yen cross-rate's relationship to risk
"TIPS Distortions During A Panic," May 6, 2010, on drops in TIPS breakevens during conventional Treasury bond rallies
"Skews You Can Use," May 13, 2010, on the harvesting of the put option skew in the S&P 500 index
"Too Much, Too Late In The Eurozone," May 13, 2010, on the European Central Bank's quantitative easing
"Short-Term Interest Rates No Longer Unexpectedly Low," May 13, 2010, on the end of unexpectedly low short-term interest rates
"Gold And Crude Oft Misconstrued," May 20, 2010, on the relationship between the two markets
"Useful Japanese Bond Market Phrases," May 20, 2010, on parallels between the U.S. and Japanese bond markets
"The Cost Of Being Europe," May 21, 2010, on the interest rate adjustments required to preserve the euro
"Comparing The Nikkei And The NASDAQ," May 27, 2010, on an analog between the two markets
"A Commercial For Commercial Paper," May 27, 2010, on the likelihood of a long-term floor in issuance
"Japanese Bonds Under Zero Interest Rate Policy," May 28, 2010, on the performance of JGBs since ZIRP was adopted in 1999
"Hong Kong Turns Carry Trades Around," June 3, 2010, on Hong Kong's role as a source of carry trade funding
"Canada, Australia And Diversification," June 3, 2010, on the consequences of interest rate renormalization
"ETFs Change Corporate Bond Behavior," June 4, 2010, on the impact of indexation on corporate bonds
"Food: Fat People, Skinny Returns," June 10, 2010, on the poor returns of agricultural commodity investments
"Flying High In A Lead Balloon," June 10, 2010, on the rising speculative content of base metals prices
"BP Option Skews And Its Risk Of Ruin," June 11, 2010, on the changes in BP's volatility skew
"Currency Trade Weights Over Time," June 17, 2010, on the low impact on trade flows of currency changes
"We Are All Currency Traders Now," June 17, 2010, on the dependence of foreign investment returns on currency changes
"About That Flight To Quality," June 17, 2010, on the lack of a demonstrable flight to and from Treasuries during large stock moves
"Misleading Divergence Between Leading Indicators," June 24, 2010, on differences between the Conference Board and ECRI indicators
"Default: Not Dead, Only Resting," June 24, 2010, on the aftermath of global defaults and devaluations
"Commodity-Linked Currencies: Chile," June 24, 2010, on the copper, the peso and the relative performance of Chilean markets
"We Are All Triskaidekaphobes Now," July 1, 2010, on the inability of stocks to outperform T-bills for the past thirteen years
"Special Settlements And Market Integrity," July 1, 2010, on the impact of government-induced jumps in the market on settlement days
"Integrated Oils Not Crude Oil Price Predictors," July 2, 2010, on the non-predictive capacity of integrated oil stocks on crude oil prices
"ISM Manufacturing Index Not Cause For Panic," July 4, 2010, on the low macro predictive capacity of the index
"Savings As The Stimulus Ends," July 4, 2010, on the move away from a backward-bending supply curve for savings
"Utility Performance, Relative And Absolute," July 6, 2010, on the indifferent outlook for utilities
"Link Between Chinese Stocks And U.S. Treasuries Is Temporary," July 13, 2010, on the recent observed correlation between the two markets
"Do Not Spread American And Chinese Stocks," July 13, 2010, on the statistical invalidity of the spread trade
"Financial Stocks And The Yield Curve," July 13, 2010, on inability of monetary stimulus to produce financial sector outperformance
"Wheat Not A Worry Yet," July 22, 2010, on the inflation impact of higher wheat prices
"Trends In Daily Ranges," July 22, 2010, on the which stocks have had expanding or contracting daily ranges
"When Too Low Is Not Low Enough," July 22, 2010, on the need for lower short-term interest rates
"Market Reactions To Employment Surprises," July 27, 2010, on interest rate futures' reactions to employment numbers
"Crude Oil Inventories Should Start Declining ," July 28, 2010, on a prospective drawdown in global crude oil inventories
"Cheap Yen Not Igniting Carry Trades," July 28, 2010, on the unwillingness of carry traders to borrow the yen
"Dividends And Return," August 3, 2010, on the non-relationship between dividend return and total return
"European Corporate Bonds To Support Stocks," August 3, 2010, on the bullish effect of declining European corporate bond yields
"Say Oui-Oui To The Kiwi," August 3, 2010, on the strong prospects for New Zealand markets
"Swap Market Growing Overconfident," August 11, 2010, on the lack of fear of higher rates in the swaption market
"Does The Cost Of Capital Matter?," August 11, 2010, on the relative non-impact of costs of capital
"Look Out, Here Comes Tomorrow," August 11, 2010, on the declining predictive capacity of the set-for-tomorrow swap
"Bond Volatility Acting Abnormally," August 17, 2010, on the fall in bond volatility in the face of falling yields
"Flight To...Safety?," August 17, 2010, on the rising sovereign CDS costs during the bond rally
"Convexity Propelling Bond Bull," August 18, 2010, on convexity gains available from bullish flatteners
"News Flash: Inflation To Drop In Five Years," August 25, 2010, on forward-starting inflation indicators
"Taking Exception To The Basket Case," August 25, 2010, on the dispersion of returns over time
"Exporting Lower Profit Margins," August 26, 2010, on import price indices
"Yuan Revaluation Fizzles," September 1, 2010, on the retracement of the yuan and its cross-rate to the yen
"Whatever Happened To The Euro Connection?," September 2, 2010, on the correlation between U.S. equities and the euro
"Time Of The Season For Nothing," September 2, 2010, on global equity seasonality
"Gold's Passage To India," September 6, 2010, on the role of dollar carry into the rupee in supporting gold
"Freight Rates' Mixed Connections," September 7, 2010, on interpreting the Baltic Dry Freight index
"Colombia Speeds Ahead," September 7, 2010, on the role of the dollar carry trade supporting Colombian equities
"Canada's Commodity Connection Diminishing," September 15, 2010, on lowered commodity-dependence of Canadian equities
"Less Commodity Thunder Down Under," September 15, 2010, on the lowered commodity-dependence of Australian equities
"U.S. Credit Turborcharging Emerging Asia," September 16, 2010, on the dollar carry trade supporting South Asian markets
"Livestock And Relative Food Price Inflation," September 23, 2010, on prospects for higher food prices
"TIPS Market Not Buying Deflation Nonsense," September 23, 2010, on the TIPS market preparing for future inflation
"Long Bond Price Volatility Increasing," September 23, 2010, on higher bond price volatility and its consequences
"That's Not Indonesian Junk Anymore," September 29, 2010, on the dollar carry trade into Indonesia
"Expensive Labor Versus Cheap Capital," September 29, 2010, on structural shifts in productivity
"I Hate Ethanol And So Should You," September 30, 2010, on the consequences of the ethanol subsidy
"Hard To Hate The Dollar," October 6, 2010, on narrowing interest rate spread returns
"When Short Sales Were Outlawed," October 6, 2010, on the returns for the restricted short-sale list of 2008
"Money-Printing And Global Illusions," October 7, 2010, on the illusory gains of international investing
"Free Money, Investment And Employment," October 13, 2010, on the inability of low interest rates to spur employment
"Free Money And Financial Stock Alpha," October 14, 2010, on increased negativity of financial stock alpha
"U.S. Bonds Win China-Japan Spat," October 14, 2010, on Treasury's gains as a function of currency manipulation
"Cotton Threading The Needle," October 21, 2010, on the impact of rising cotton prices
"Inflation And Employment," October 21, 2010, on how increased inflation will damage employment prospects
"When A Bet Is Not A Bet," October 21, 2010, on interpreting Commitment of Traders data for federal funds futures
"Taxation, Representation And Municipal Bonds," October 28, 2010, on the consequences of not addressing fiscal policy
"Yen Carry Trade, RIP," October 28, 2010, on the lapsing of the yen carry trade as a force in markets
"About Those Negative Yields," October 28, 2010, on the implications of negative real interest rates
"Brazil Bullish Still," November 4, 2010, on Brazilian markets at the start of the Rousseff era
"Bubbles Blow Away," November 4, 2010, on the attempts to create an equity bubble
"U.S. Is Japan's Safety Valve," November 4, 2010, on Japanese purchases of U.S. securities
"Home Affordability In A Bubbly Market," November 10, 2010, on the overpricing of housing
"Is The Mexican Peso Too Strong?," November 10, 2010, on Mexico's concerns regarding the peso
"The Jackson Hole Effect," November 11, 2010, on switches in market behavior after QE2
"Diversification Takes Patience," November 18, 2010, on cross-sectional volatility
"Industry Group Impact Of Rising Swap Spreads," November 18, 2010, on the impact of rising swap spreads
"Gimme Shelter Meets The CPI," November 19, 2010, on the flattening of OER
"Hoping Foreign Investors Get Direct," November 24, 2010, on trends in direct foreign investment
"The Phillips Curve Does Not Work," November 24, 2010, on the autoregressive nature of core CPI
"Federal Reserve Hid In Plain Sight," November 25, 2010, on unexpectedly low interest rates
"Japan Failed At Deflation Management," December 2, 2010, on the failure of Japan to stem deflationary expectations
"Refiners Good...For Now," December 2, 2010, on the long-term problems facing the refining industry
"Global Returns Under The Dollar's Rise And Fall," December 2, 2010, on which market are affected most by changes in the dollar index
"Hedging Gold Not Free For Miners," December 8, 2010, on effects of gold hedging on stock prices
"Silver's Miner Miracle," December 8, 2010, on the liquidity-driven rally in silver
"Commodity-Currency Correlations Unstable," December 8, 2010, on the diverse correlations between various currencies and commodities
"TIPS Are Still Bonds," December 16, 2010, on the interest rate risks of TIPS
"Bond Volatility Jumped With QE2," December 16, 2010, on rising fixed-income volatility
"Currency-Commodity Correlations: Round Two," December 16, 2010, on commodity-linked currencies
"Don't Pooh-Pooh Peru," December 20, 2010, on the liquidity-fueled rise in Peruvian markets
"Taiwan And The Carry Trades," December 20, 2010, on the dollar and yen carry trades into Taiwan
"Who Can Tire Of Rubber?," December 29, 2010, on rubber prices and tire stocks
"Champagne Is Getting Bubbly," December 29, 2010, on vintners' relative performance in France as a consumer barometer
"Crude Oil And Natural Gas' Divergence Widens," December 30, 2010, on natural gas becoming very cheap relative to petroleum
"Coal's Natural Gas Problem," December 31, 2010, on competition from cheap natural gas in the coal industry
"Food Inflation Is A Core Issue," January 6, 2011, on the role rising food prices will play in inflation
"Leading Indicators' Divergence Closing," January 6, 2011, on the status of the ECRI Weekly index of leading indicators
"Gasoline Not A Concern Yet," January 7, 2011, on rising productivity of gasoline consumption
"Israeli Stocks Follow The Shekel," January 12, 2011, on the linkage between Israel's relative performance and its currency
"Free Money, Inflation And Unemployment," January 12, 2011, on whether money-printing can lead to employment gains
"Agricultural Futures Pointing Higher," January 14, 2011, on the implications of rising agricultural futures
"Agricultural CTAs Can Add Value," January 17, 2011, on outperformance of the DJ-UBS Agricultural index by CTAs
"Who Fled The Muni Market?," January 19, 2011, on maturity- and credit-dependent shifts in municipal bond volatility
"Canada's Interest Rate Problem," January 19, 2011, on the interest rate gap between the U.S. and Canada
"Two Presidents, Two Markets," January 25, 2011, on market performance during the Bush and Obama administrations
"Cash Is Not Corporate Trash," January 25, 2011, on links between returns and cash levels and dividend payouts
"The End Of Monetary History," January 26, 2011, on the limits to the long-dated interest rate cycle
"Of Money And Food," February 2, 2011, on whether rising food prices are attributable to monetary excess
"India And The Limits To Carry," February 2, 2011, on the downturn in Indian equity markets
"Korea's Lower Carry-Dependence," February 2, 2011, on the ability of Korea to prosper in the absence of a carry link
"TIPS And Implied Inflation Forecasts," February 10, 2011, on TIPS' implied forecasts being better than economists'
"Every Program Has A Sequel," February 10, 2011, on the link between yuan revaluation and quantitative easing
"St. Valentine's Day (Commodity) Massacre," February 11, 2011, on confectioners' ability to absorb higher sugar and cocoa prices
"North Africa / Middle East Underperformed Before Revolutions," February 16, 2011, on these markets' poor relative performance
"Vietnam's Different Approach," February 16, 2011, on the latest devaluation of the Vietnamese dong
"More On Money And Grain," February 17, 2011, on the historic frequency of grain-price spikes during money-tightening environments
"Spread Normalization Threatens Refiners," February 24, 2011, on the wide refining margins for sour crude oil
"Transports And Diesel Fuel Hedging," February 24, 2011, on the still-quiet basis and volatility of diesel fuel
"There's (Still) No Such Thing As Commodities," February 25, 2011, on declining correlations of returns between commodity indices
"Commodity-Linked Equities' Relative Gains To Slow," March 2, 2011, on relative richness of these stocks
"Crude Oil And Inflation. Different This Time?," March 2, 2011, on the linkage between energy prices, money and inflation
"Corn Is Chicken Feed," March 3, 2011, on the impact of higher corn prices on poultry feeders
"Shippers And The Baltic Dry Freight Index," March 10, 2011, on the lack of utility in the Baltic Dry Freight index
"Federal Funds To Walk Down LOIS Lane," March 10, 2011, on the artificially wide LIBOR-OIS spread
"Commodities And Producer Prices Have Complex Linkage," March 10, 2011, on the asymmetric links between the two indices
"Japan And The Risk Of Ruin," March 17, 2011, on the nature of Japan's volatility skew during the crisis
"Stocks And Futures' Structural Differences," March 17, 2011, on the changes in technical differences between stocks and futures
"Industry Group Impact Of The Yen," March 17, 2011, on the industry group impact of the stronger yen on U.S. stocks
"Inflation Perma-Expectations," March 24, 2011, on rolling down the real yield curve
"The Danger From Quality' Structural Differences," March 24, 2011, on the sensitivity of U.S. stocks to investment-grade yields
"Refiners' Time Of The Season," March 24, 2011, on refining seasonality and its link to the mid-continent discount
"Sector Performance And Regression To The Mean," March 31, 2011, on sector performance in a tightening environment
"Central Banks Proved A Negative," March 31, 2011, on the G-7's forestalling of a post-crisis spike in the Japanese yen
"The Yen Carry Trade May Return," March 31, 2011, on the possibility the yen carry trade could overtake the dollar carry trade
"Swap Market's Path Dependency," April 7, 2011, on when higher short-term interest rates are expected
"Inflation Beyond The Numbers," April 7, 2011, on inflation as a function of collective fear
"Whatever Happened To Uber Alles?," April 8, 2011, on rising stresses within the Eurozone
"Observations On The Gold/Silver Ratio," April 14, 2011, on the gold/silver ratio and its effect of mining and global equities
"Base Metals And The Law Of Stuff," April 14, 2011, on the embedded call options in mining stocks
"Upstream With An Energy Paddle," April 24, 2011, on energy exploration and production stocks
"Food Industry Efficiencies," April 20, 2011, on the tame excess of food price inflation
"Inflation And Money Illusion," April 20, 2011, on the linkages between financial assets and inflation expectations
"High-Risk Bonds And Inflation Expectations," April 20, 2011, on prospective returns for high-yield bonds
"Growth And Value In The QE Era," April 28, 2011, on liquidity-induced preferences for growth
"Where Are These Speculators?," April 28, 2011, on the difficulties in locating speculators in the CFTC data
"The Dollar Will Not Sink Treasuries," April 28, 2011, on the linkages between a declining dollar and stable Treasuries
"Financials And The Limits To Money," May 5, 2011, on the underperformance of financial stocks in the QE era
"Revisiting Commodities And Currencies," May 5, 2011, on the links between individual commodities and currencies
"Moe, Larry And Euro," May 6, 2011, on the extreme bimodal distribution of euro returns
"TIPS Jump Commodity Gun," May 12, 2011, on TIPS' instant capitalization of commodity prices in inflation expectations
"TIPS Follow More Than They Lead," May 12, 2011, on the lag in TIPS' expectations relative to other financial indicators
"Inflation Expectations And The Yield Curve," May 12, 2011, on linkages between the liquidity premium and inflation expectations
"About That Wealth Effect," May 19, 2011, on the diminished wealth effect from higher stock prices
"The Wage Squeeze Continues," May 19, 2011, on the inability of income to grow faster than prices
"Mortgage Market In A Zombie State," May 19, 2011, on the collapse of an active mortgage derivative market
"Peso Possibilities," May 26, 2011, on the problems posed by the peso's firming
"Russia And The Opposite Of Bankruptcy," May 26, 2011, on the problems posed by strong capital flows into Russia
"Sovereign Debt And Your Lying Eyes," May 26, 2011, on the general improvement of the global sovereign credit situation
"Big Macs And Broken Clocks," June 2, 2011, on the purchasing power parity theorem
"The Trend Is Currency Friend," June 2, 2011, on the recent successes of currency trend-followers
"Currencies' Trade Weight Problem," June 2, 2011, on the disconnection between currencies and trade weights
"The Stock/Housing Divergence," June 8, 2011, on the uniqueness of the strong stocks / weak housing combination
"Financial Repression And The Water's Edge," June 8, 2011, on non-petroleum import prices
"European Stocks To Depend On Euro," June 9, 2011, on the dependence of Eurozone stocks on a weaker euro
"Gold Stocks, Dividends And Hedging," June 15, 2011, on the continued underperformance of gold stocks relative to bullion
"Which Market Is Overvalued?," June 15, 2011, on the relative richness of corporate bonds
"Ethanol Almost Ruined A High Noon Moment," June 16, 2011, on the impending loss of ethanol's subsidies
"The Heavy Hand In Oil Markets," June 23, 2011, on the IEA Release of strategic oil reserves
"The Euro Was Never In Danger," June 23, 2011, on the subdued nature of option volatility on the euro
"A Curve Too Steep," June 23, 2011, on the poor timing now for a bullish flattening trade
"Natural Gas Utilities In A Sweet Spot," June 30, 2011, on the ability of natural gas utilities to maintain margins
"Real And Un-Real Corporate Bond Rates," July 1, 2011, on inflation-adjusted corporate bond rates
"Slouching Toward Tenancy," July 2, 2011, on the relative rise in apartment REITs
"Something Rotten In Denmark," July 8, 2011, on Denmark's willingness to pay an interest penalty to maintain a peg
"Money Supports Risky Bonds," July 8, 2011, on the effects of carry on high-yield bonds
"Singapore Avoids The Sling," July 8, 2011, on the strength in Singaporean markets
"U.S.-German Long-Term Yield Spreads," July 14, 2011, on the currency dependence of the yield spread
"Treasuries Not Set Up For Big Slide," July 14, 2011, on low probability of a bond selloff
"The Money Tide, Gold And Stocks," July 15, 2011, on diverging responses to excess liquidity
"Floating Storage, Sinking Stocks," July 21, 2011, on the poor performance of tanker stocks
"Price Stability In Japan Pleases No One," July 21, 2011, on the non-responsiveness to policy changes of Japan's CPI
"Shift To Tenancy Continues," July 22, 2011, on a shift toward multi-family construction
"Asia Not Picking Up Currency Pieces," July 28, 2011, on movements of the Asian currency index against other majors
"Money Illusion And Stocks," July 29, 2011, on the poor links between stocks and net inflation accrual
"Risk-Free In Name Only," July 29, 2011, on increases in very short-term Treasury bill yields
"The Swiss Franc Carry Trade," August 4, 2011, on the currency's links to Eastern European markets
"Thoughts On Sovereign Debt CDS," August 4, 2011, on the declining utility of sovereign CDS
"Corporate Bond Risks Rising," August 5, 2011, on rising rate and credit risks for corporate bonds
"Bond Futures' Hidden Selloff," August 11, 2011, on the post-FOMC rejection of a high in bond futures
"Flight To Quality Stuck On Tarmac," August 11, 2011, on trading TIPS breakevens on large-change days for bonds
"Crude Oil - Gold Non-Relationship Breaking Down," August 12, 2011, on the declining correlation between the two markets
"Does U.S. Stand For Unsuitable?," August 18, 2011, on whether low-yielding Treasuries are still a suitable investment
"What Is The Greek Word For Hubris?," August 18, 2011, on Euribor's path-dependent forecast
"The Discussion Must Be Had," August 18, 2011, on the role of monetary policy in politics
"Crude Oil-Stock Correlation High But Falling," August 25, 2011, on the return to a more normal lower level of correlation
"When You're A Jet," August 25, 2011, on jet fuel and poor airline stock performance
"The Fed Broke Its Inflation Thermometer," August 25, 2011, on the distortions to the TIPS market from yield curve compression
"Dissecting Credit Spreads," August 31, 2011, on the source of rising corporate OAS levels
"FOMC's External Credibility Greater Than Internal," August 31, 2011, on U.S. swaptions' outlook for short-term rates
"Eurozone Fixed-Income Stresses Worsen," August 31, 2011, on instabilities in Eurozone fixed-income swap and volatility markets
"Swiss National Bank's Final Bet," September 8, 2011, on the costs of the Swiss franc ceiling
"Real Commodity Returns Often Negative," September 9, 2011, on the inability of many commodities to outpace the PPI
"Gold, Platinum And Algebra," September 9, 2011, on the insignificance of gold prices exceeding platinum prices
"Dissecting Muni Credit Spreads," September 15, 2011, on the source of rising municipal OAS levels
"Perma-Expectations No More," September 15, 2011, on reduced expectations for higher short-term interest rates
"Chinese Buying Of Euro Debt Makes Sense," September 16, 2011, on the likelihood for Chinese purchases of Eurozone debt
"The Logic Of The Twist," September 22, 2011, on the federal government as chief beneficiary of the twist
"Commodity-Linked Equities No Port In Storm," September 22, 2011, on the continued overvaluation of commodity-linked equities
"The Dollar Carry Trade Could Unwind," September 22, 2011, on risks posed by a rising dollar
"The Dollar Carry Trade And Global Equities," September 29, 2011, on carries into the EM and EAFE indices
"Refining Spreads Never Got Back To Normal," September 30, 2011, on the continued poor outlook for refiners
"Inflation Expectations Declining Still," September 30, 2011, on inflation swaps
"Corporate Bonds Do Not Lead Stocks," October 4, 2011, on whether corporate bonds move ahead of stocks
"Diversification Arrives With Time," October 7, 2011, on dispersion of returns over different timeframes
"Structural Challenges Facing Muni Bonds," October 7, 2011, on the regulatory and market burdens facing the muni market
"Asian Exporters Building Reserves," October 13, 2011, on reserve accumulation in Asian countries
"QE2 Under Queen Elizabeth II," October 13, 2011, on the acceptance of lower short-term rates in the U.K.
"Another Look At Stocks And Bonds," October 13, 2011, on the yield and OAS links between stocks and bonds over lead and lag times
"Commercial Lending On The Rise," October 20, 2011, on implications of increased bank lending for the money supply
"Corporate Leverage Remains High," October 20, 2011, on rising non-farm, non-financial leverage
"Yield Curve Trades During The Twist," October 21, 2011, on poor prospects for bullish flatteners
"Implied Correlation Has Led To High Returns," October 27, 2011, on the implications of the CBOE Implied Correlation index rising
"Global Food Prices Moving Down, Pointing Up," October 28, 2011, on prospects for higher relative food price inflation
"Trends In Commercial Paper Issuance," October 28, 2011, on the impact of the European sovereign debt situation on commercial paper issuance
"The End Of Lockstep Correlation," November 3, 2011, on asset return differentiation
"Currency Traders Confused Market For Brains, " November 3, 2011, on poor returns for currency traders after QE2's end
"Fixed-Income Volatility Rising," November 3, 2011 on rising volatility offsetting monetary stimulus
"Trading European Inflation Expectations," November 10, 2011, on inflation swaps in Europe
"Revisiting The Cost Of Being Europe," November 10, 2011, on divergent yield curves in Europe
"Bond Volatility Has Been Rising," November 10, 2011 on negative investment implications from rising European volatility
"Yuan Plea Falls On Deaf Ears," November 17, 2011, on the forward pricing indications for the yuan
"Emerging Markets Reliance On Cheap Dollars Grows," November 18, 2011, on emerging markets' dollar-dependent outperformance
"Hungary, Turkey And Others At Risk To Swiss Franc," November 18, 2011 on the risks posed by a Swiss franc revaluation
"Pay Attention To Rising Interbank Stress Levels," November 23, 2011, on the exponential rise in LIBOR
"TIPS Should Outperform Nominal Treasuries," November 23, 2011, on the effects of reported inflation exceeding expected inflation
"South Africa Shows Vulnerability To Carry Trade Unwinding," November 23, 2011 on the effects of a weaker rand
"Riskiest Financial Stocks Have Lowest Cost Of Capital," December 1, 2011, on weighted-average capital costs
"Some Markets Are Shocked; Some Are Used To It," December 1, 2011, on the psychological acceptance of gain retracement globally
"The Crude Oil Contango Storage Trade Worked Well," December 1, 2011 on the end of contango in crude oil
"Switzerland's Negative Interest Rate Dilemma," December 8, 2011, on the speculative bets being made on a rising franc
"Savings Rates Reflect Income Squeeze," December 8, 2011, on the decline in savings rates
"Inflation Expectations And Industry Group Performance," December 9, 2011 on TIPS breakevens' effect on alpha
"Which Industry Groups Can Take A Punch?," December 12, 2011, on the domestic acceptance of gain retracement
"Which Industry Groups Are Closet Indexers?," December 12, 2011, on the similarity between industry group and broad market returns
"Risk-On / Risk-Off Trade Will Continue Into 2012," December 12, 2011 on sector risk and reward expectations
"Gold ETFs Affect Futures Margins," December 16, 2011, on asymmetric volatility injection into gold futures from ETFs
"Credit Valuation Adjustments Will Change The World," December 17, 2011, on the coming ascendance of cleared interest rate swaps
"The Euro's Impact On Grains Should Be Minor," December 17, 2011 on the weak linkage between the euro and grains
"Suppression Of Financial Information To Continue," December 27, 2011, on the consequences of wholesale price-signal suppression
"China-Japan Currency Deal Could Hurt U.S. Treasuries," December 27, 2011, on the likely loss of massive Asian purchases of U.S. Treasuries
"The Dollar Index And The Twin Deficits," December 28, 2011 on the implications of narrowing deficits for the U.S. dollar
"The Lessons Of Mexico Vs. Europe," January 5, 2012, on using currencies versus interest rates as an adjustment device
"India's Inflation-Fighting Mistake" January 5, 2012, on the self-defeating nature of short-term interest rate increases
"The Euro And Industry Group Performance," January 5, 2012 on the changing impact of the euro on U.S. equities
"Unexpectedly Low Interest Rates Arriving In Europe," January 12, 2012, on the arrival of perma-expectations in Euribor
"Germans To Enjoy Funds For Bunds" January 12, 2012, on the prospects for yield curve flatteners in Bunds
"TIPS And The Bond Market Vigilantes," January 13, 2012 on the TIPS' market historic estimation bias
"No Big Differences Between Big And Small," January 19, 2012, on the convergent returns between the Russell 1000 and 2000 indices
"Two Presidents, Two Markets, Three Years" January 19, 2012, on financial markets under Presidents Bush and Obama
"Sector Weights Change. Does Relative Performance?," January 19, 2012 on changes in sector weights before and after the 2008 financial crisis
"U.K Real Interest Rates Very Negative," January 23, 2012, on investor willingness to accept negative real yields on inflation-linked Gilts
"The Natural Gas Widowmaker Should Be Tame In 2012" January 24, 2012, on the outlook for the March-April spread in natural gas
"Natural Gas Markets And The Wintertime Blues," January 29, 2012 on the insignificant long-term effects of winter weather on natural gas markets
"Corporate Bond ETFs Now Wagging Index Dog," February 2, 2012, on how bond ETFs are forcing broad indices to conform to the ETFs themselves
"Has Quantitative Easing Boosted Underlying Equity Markets" February 2, 2012, on the relative performance of national stock market indices after QE
"Not All Volatility Indices Make Sense," February 2, 2012 on the behavior of gold and euro volatility indices
"Is Growth Ready To Outperform Value?," February 9, 2012, on signs growth stocks are poised to outperform at last
"Refiners Get A Gift" February 9, 2012, on the effects of the mid-continent dislocation's return
"Declining Credit Risk Reinforcing Stock Market Rally," February 9, 2012 on the effects of declining CDS levels
"Swap Dealers Corner Wheat Market; Film At 11:00," February 16, 2012, on the dominant role of commodity indexers in the wheat market
"Re-Dissecting Credit Spreads" February 16, 2012, on the OAS levels narrowing via lower corporate rates
"The Cattle Crush Spread Heats Up," February 16, 2012 on the effects of negative cattle-feeding margins
"European Banks Hit The Pause That Refreshes," February 23, 2012, on the slowdown in bank stress indicators' improvement
"Risk And Return Go Back To The Future" February 23, 2012, on the realignment of risk and return amongst U.S. asset classes
"European Corporate Bonds Bullish For Stocks," February 23, 2012 on the bullish implications of the European corporate bond rally
"Central Banks And The Mirror, Mirror On The Wall," March 1, 2012, on distortions in TIPS and inflation swaps
"Yen Remains Hard To Drive Lower" March 1, 2012, on long-term strength in the yen
"The Japanese Fiscal Year No Longer Important," March 1, 2012 on seasonality in Japanese capital flows
"You Can Short A Quiet Market," March 8, 2012, on realized volatility and prospective return
"Tinker, Taylor, Fed Funds, Why" March 8, 2012, on why the target federal funds rate should be higher
"Will China Take Up Where Federal Reserve Leaves Off?," March 8, 2012 on the likelihood of increased Chinese buying of Treasuries
"Do Not Give Gasoline All The Credit," March 15, 2012, on the simultaneous rallies in gasoline and equities
"Shedding Treasury Market Insurance" March 15, 2012, on declining prospects for long-maturity bullish flatteners
"TED Spread And Fair Value," March 15, 2012, on stock levels and interbank stress
"Is The Yen Carry Trade Ready To Return," March 22, 2012, on the impact of Japan's reclamation of the cheapest currency to borrow
"Credit Default Swaps Really Do Change Behavior" March 22, 2012, on research into credit default swaps' propensity to increase bankruptcies
"The Long-Term Downtrend In Interest Rates Could Continue," March 22, 2012 on the continuation of the long-term downtrend in long-term interest rates
"Healthcare Baselines And Handicapping The Court," March 29, 2012, on healthcare industry group returns
"Healthcare Industry Risk Measures" March 29, 2012, on relative risk measures in the healthcare sector
"Gold And Trend Exhaustion," March 29, 2012 on the gap between gold and gold miners
"Lumber Traders Are Never Board," April 5, 2012, on the implications of lumber's forward curve
"The Dollar Index Winning By Default" April 5, 2012, on the excess carry returns into the dollar index
"Canada And The Costs Of Sobriety," April 5, 2012 on the migration of Canadian markets away from resource dependence
"European Banking Hound Did Not Bark," April 12, 2012, on muted European banking stress indications
"Respect The Euro's Resilience" April 12, 2012, on the embedded options in the euro
"Good News And Bad News On Food Prices," April 13, 2012 on the relative food price outlook for 2012
"Risk And Return In A Risk-On Era," April 19, 2012, on the weak relationship between returns and realized risk
"A Caution On Owners' Equivalent Rent" April 20, 2012, on the narrow basis for superior apartment REIT returns
"Stock Returns And Inflation Expectations," April 20, 2012 on the disconnection between stock returns and net inflation accrual
"What Is Looser Than Loose?," April 26, 2012, on signals from the GCF repo indices
"Low Rates Will Create Bad Habits In Germany Eventually" April 26, 2012, on intra-European bond spreads
"Asset-Backed Commercial Paper's Good And Bad News," April 26, 2012 on conditions in the ABCP market
"Occupy Wall Street And Liberate The Yield Curve," May 2, 2012 on the artificial suppression of long-term interest rates
"Inflation, Employment And I Told You So," May 4, 2012, on the inability of higher inflation expectations to create employment
"Where Inflation Works For You" May 4, 2012, on prospects for high-yield and emerging market bonds
"How French Elections Affected German Bunds," May 10, 2012 on a buying panic for Bunds
"The Upward Convergence Of Natural Gas Will Remain Difficult To Play" May 17, 2012, on the burden of negative roll yield
"High-Yield Convertibles Should Underperform," May 24, 2012 on relative performance of convertible bond styles
"Who Could Use Some Higher Rates?," May 31, 2012 on industry groups hurt by lower long-term rates
"Miners Underperforming In Money Gusher" June 6, 2012, on the relative performance of global mining equities
"Whose Behavior Changed In Recent Bond Rally?," June 13, 2012 on industry group returns after the most recent bond rally
"Twist Thy Neighbor As Thyself" June 20, 2012, on U.S. outperformance following Operation Twist
"Higher Commodity Costs Will Matter For Food Stocks," June 28, 2012 on the impact of higher grain prices on food stocks
"Are Credit Swaps Squeezing High-Yield?," December 6, 2012 on lower post-insurance returns on high-yield bonds
"Industry Group Returns And QE Whatever" December 13, 2012, on switches in industry group performance before and after QE3's execution
"Abusive Monetary Policies And Inflation," December 19, 2012 on the paradox of low inflation in the face of monetary expansion
"Capitalization And Relative Performance," December 27, 2012 on capitalization as a factor in relative performance
"When Does Small-Capitalization Fundamental Indexation Pay?," December 30, 2012 on market conditions conducive to fundamental indexation
"Two Warning Signs For Treasuries" January 9, 2013, on rising real interest rates and poor returns on flatteners
"Alfred E. Newman's European Vacation," January 17, 2013 on bearish indications for European bonds
"Transportation Stocks' Divergent Responses To Fuel Costs," January 23, 2013 on rails' superior performance in a rising fuel price environment
"Brazil And Colombia Take Opposite Paths," January 30, 2013 on Colombia moving to weaken the peso while Brazil tries to boost the real
"The Predictable Fate Of Commodity Indexation" February 7, 2013, on poor returns for long-only commodity indices
"Key Indicators Negative For The Euro," February 14, 2013 on bearish indications for the euro
"British Pound Set For A Dunkirk In Currency Wars," February 21, 2013 on positive prospects for the pound on the cross-rate
"Diesel Fuel And Future Transportation Problems," February 25, 2013 on the switch to ULSD for the heating oil futures contract
"The Yen Carry Trade Makes A Comeback" March 7, 2013, on the rising relative beta of the yen carry trade in global markets
"Has China Repegged The Yuan," March 13, 2013 on the implications of renewed stability in the dollar/yuan rate
"There Is Plenty Of Risk Aversion," March 20, 2013 on ever-lower negative real interest rates
"Declining Interest In Gold," March 27, 2013 on negative indications from declining trading interest in gold
"Hierarchy Of Risk And Return Returning To Normal," April 4, 2013 on the move back to textbook risk/reward relationships
"QE-Forever: Ben Goes Self-Basting" April 11, 2013, on the difficulties associated with ending QE
"The Twist Mattered For Gold," April 18, 2013 on the link between gold and fixed-income risk measures
"Weaker Eurozone Credit Benefited From Their Problems," April 25, 2013 on lower borrowing costs in the Eurozone periphery
"Industry Group Boats On Monetary Tide," May 2, 2013 on which industry groups benefited most from global QE
"Silver ETFs Tell A Different Story," May 9, 2013 on the role silver ETFs play as a buyer of last resort
"Some Surprises In Stock Market Risk" May 16, 2013, on the declining dollar value of realized volatility
"Japanese Past Performance Predicts Future Results," May 23, 2013 on the inability of Japan to spur rising inflation
"Mortgage Market Cure Will Be Worse Than The Disease," May 29, 2013 on negative implications of mortgage subsidization
"The FOMC And Fear Itself" June 6, 2013, on the FOMC unnecessary creation of market confusion
"Real Rates And Execution Vacuums," June 13, 2013 on the one-sided consequences of rising real rates
"When Japanese Investors Got It Right," June 20, 2013 on preemptive selling of emerging Asian markets by Japanese investors
"TIPS Are Still Bonds. Still," June 27, 2013 on TIPS' interest rate risk
"Mexico At Impending Risk" July 2, 2013, on Mexico's exposure to higher interest rates and negative export earnings
"Homebuilders' Optimism: No Gimme Shelter Here," July 11, 2013 on the disconnection between homebuilders' sentiment and equity performance
"Mortgage REITs To Remain Pressured," July 18, 2013 on the negative outlook for mortgage REITs
"Downturn In Commodity Prices Will Not Reduce Producer Prices," July 25, 2013 on the ability of processors to capture lower commodity prices
"Analysts As Coincident Indicators," July 31, 2013 on forward-looking P/Es and stock prices
"Single-Currency Carry Trades And Global Equity Returns," August 8, 2013 on the importance of national yield curves
"Chinese Buying Could Render Taper Moot" August 15, 2013, on how Chinese buying could offset the Federal Reserve
"Who Is Harmed And Unharmed By Higher Long-Term Rates," August 22, 2013 on industry group sensitivity to higher long-term rates
"Cost Of Capital, Interest Rate Exposure And REITs," August 28, 2013 on REITs exposure to both higher short- and long-term rates
"Turkey's Problems Different From Other Emerging Markets'," September 1, 2013 on the euro/lira cross-rate
"Tankers Presenting A Buy-Low Opportunity" September 6, 2013, on improving prospects for crude oil tanker equities
"Foreign Direct Investment Lower Than It Should Be," September 12, 2013 on persistently low foreign direct investment
"Latin American Markets Were Already Dollar-Dependent," September 19, 2013 on the effects of extended QE for Latin American markets
"Oil & Gas Storage Operators And Forward Curves," September 26, 2013 on storage stocks as a leading indicator of forward curves
"Fear And Greed In Corporate Bond ETFs," October 3, 2013 on increased risk-acceptance in high-yield ETFs
"Industry Group Shifts During Government Shutdown" October 10, 2013, on group responses to the shutdown
"Sunday, Sunday At Beautiful S&P Futures Drag-a-Way," October 17, 2013 on the effects of Sunday evening gaps
"Natural Gas Should Make Winter Mild," October 24, 2013 on outlook for natural gas prices
"Healthcare Groups In The ObamaCare Era," October 31, 2013 on healthcare group responses to the ACA rollout
"Israeli Stocks Sidestep The Shekel," October 31, 2013 on strong stock performance in the face of a weakening currency
"Lower Grain Prices Not Benefiting Food Processors," November 4, 2013 on the poor relative performance of food processors
"High-Yield Bonds Have Their Limits," November 7, 2013 on limits to credit-spread compression
"Commodity Indices Continue To Struggle," November 9, 2013 on multiple negative trends in commodity indices
"More To Emerging Markets Than Free Money" November 14, 2013, on limits to carry's effects
"Base Metals To Remain Flat," November 15, 2013 on mixed signals for base metals
"National Fuel Gas," November 14, 2013 on a gas stock's favorable situation
"Chile And Copper," November 21, 2013 on negative prospects for Chilean markets
"Swaption Market Still Looking At March Taper At Earliest," November 21, 2013 on fixed-income complacency
"Savings Rates Indicate Plenty Of Risk Aversion," November 27, 2013 on high savings rates despite low interest rates
"Refiners In A Sweet Spot," November 27, 2013 on the effects of rising distillate exports
"VSTOXX Reacts Quickly To Euro Stoxx 50," December 5, 2013 on the forward curve of VSTOXX futures
"VSTOXX Meets Fear And Regret," December 6, 2013 on price-time model for the VSTOXX
"Trade, Currencies And Competitive Devaluation," December 12, 2013 on long-term patterns in trade weights and currencies
"A Market Of Sectors" December 12, 2013, on the implications of rising P/E and declining sector volatility levels
"New Dollar Index, Same Old Problems," December 19, 2013 on the Bloomberg dollar index
"Revisiting Gold And The Twist," December 19, 2013 on the negative implications for gold of declining high-yield credit spreads
"Trolls, Pills, Chips And Thrills On An Intellectual Property Exchange," December 25, 2013 on the concept of trading license rights
"Thoughts On Trading Systems," December 26, 2013 on approaches to algorithmic trading system design
"Winners And Losers From Higher Short-Term Rates," January 2, 2014 on the industry group impact of two-year Treasury yields
"The Euro's Trading Patterns Changed As Machines Took Over," January 3, 2014 on changing intraday trading patterns over time
"A Rare Switch In Crude Oil - U.S. Equities Relationship," January 9, 2014 on the emerging negative correlation at lower crude oil price levels
"TIPS And The Performance Toss-Up" January 9, 2014, on TIPS' long-term returns matching those of long-term Treasuries
"Gold And ETF Trading; Do Not Confuse Cause And Effect," January 16, 2014, on the relationship between gold prices and ETF ownership
"ETFs Cannot Find Silver In A Gold Mine," January 16, 2014 on silver ETF holders willingness to keep buying in the face of losses
"Dollar Carry Trade's Impact On Global Equities Increasing," January 23, 2014 on the increasingly direct link between equities and the dollar carry trade
"Killing A Currency Is Difficult," January 23, 2014 on the skewed returns of low-yielding currencies
"QE Has Not Been As Important As We Thought," January 30, 2014 on rising statistical equivalence between QE regimes
"Australia And The Resource Curse," January 30, 2014 on the negative implications of Australia's rising resource dependency
"When Free Francs Were Too Expensive," February 6, 2014 on declining borrowing of francs in EEMEA markets
"Aluminum As A Financial Asset. Who Knew?" February 6, 2014, on the Midwest aluminum premium
"Dow Industrial - S&P 500 Disconnects Not Unusual," February 13, 2014, on the rising number of opposite-sign days
"Brazil Approaching Attractive Valuations," February 13, 2014 on Brazilian equities become cheap for U.S. investors
"Agricultural Futures Trying To Make Up For Lost Time," February 19, 2014 on a short-term rally in agricultural futures
"Natural Gas As The Beat Goes On," February 20, 2014 on shifts in the natural gas forward curve
"China To Offset Great Taper Caper," February 27, 2014 on the implications of a weaker yuan for global markets
"Fixed-Income Markets Wising Up To QE Tricks," February 27, 2014 on the declining impact of QE on fixed-income returns
"Convertibles Have Turned Into Equities," March 6, 2014 on convertible bond indices' near-unitary delta
"The Yuan And Commodity-Linked Equities," March 6, 2014 on the benefits of a weaker yuan for commodity-linked equities
"Industrial Metals' Decline Not A Negative Indicator" March 13, 2014, on the commonality of rising equities and declining industrial metals
"Coffee Perks Up Agricultural Index," March 13, 2014, on the skewed returns with the DJ-UBS Agricultural index
"Economic Data Might Surprise, But Where Is The Value?," March 20, 2014 on the irrelevance of the economic surprise index for financial markets
"Chinese Markets Not Affecting Treasuries," March 20, 2014 on the non-relationship between Chinese markets and Treasury returns
"Productivity Of Electricity Usage Climibing," March 27, 2014 on rising GDP/MWH ratios and their effect on relative electric utility returns
"Refiners Would Benefit From Misquided SPR Release," March 27, 2014 on refiners as the beneficiaries of a SPR release
"Signal, Noise And A Cup Of H.F. Tea," April 2, 2014 on declining interday volatility
"Bunds Should Outperform Treasuries," April 4, 2014 on prospective relative returns
"Health Care Sector Risks Rising," April 10, 2014 on rising implied volatility and CDS costs in the healthcare sector
"High Risk In Corporate Bonds" April 10, 2014, on the full valuation of high-yield bonds
"The Dollar Did Not Rally During Recent Downturn," April 16, 2014, on the selloff in the dollar while stocks fell
"Carry Trades Can Propel Latin American Markets," April 16, 2014 on Latin markets benefiting from a renewed carry trade
"Impending Price Risk For Natural Gas," April 24, 2014 on the implications of low natural gas inventories
"Mortgage REITs Benefiting From Yield Gap," April 24, 2014 on mortgage REITs benefiting from their bonds' rate gap to stock dividends
"Will Cinco de Mayo Sink-o Da Peso?," May 1, 2014 on risks to the peso
"Lies And The Lying LIBOR At New Lows," May 1, 2014 on new lows in various short-term interest rates
"Long-Term Treasuries Caught The Haven Bid," May 8, 2014 on the bullish flattening of the Treasury yield curve
"Getting Ready For A Euro Carry Trade" May 10, 2014, on the implications of a Eurozone monetary ease
"Eurodollar Futures Positions Reveal Little," May 15, 2014, on the imbalance in Eurodollar commitment of traders' positions
"Revisiting The Large/Small Division In Performance," May 16, 2014 on factors behind large stocks' outperformance
"Japan Shows QE Exit Easier Said Than Done," May 21, 2014 on the drive to new lows in real Japanese interest rates
"Japanese Ease Could Be Bullish For Equities," May 21, 2014 on the consequences of any new Japanese monetary ease
"Observations On The Gold/Silver Ratio," May 31, 2014, on the post-Twist reversal in the GSR's implications
"Real Men Crush Beans," June 6, 2014 on the new-crop crush and agribusiness equities
"You'll Have To Pay More Now To Pay Less Later For Beef," June 14, 2014 on declining cattle-feeding margins
"For A Correction Lasting More Than Four Hours, Call Your Central Bank," June 22, 2014 on the dollar value of stock market volatility
"Who Wins From Stronger Canadian Dollar?," June 30, 2014 on the industry group impact of a stronger Canadian dollar
"The Floor Is Rising Under The Yield Curve," July 10, 2014 on the yield curve's flattening from higher short-term rates
"What Happens After Rain Makes Grain," July 17, 2014 on the impact of declining grain prices