Formerly at Bear Stearns then co-founded a multi-billion-dollar hedge fund firm. Now publish The Felder Report and host the Superinvestors podcast.
'The chart below offers some perspective on where corporate profit margins are at present, how much of that impact is attributable to fiscal support and where profit margins may eventually settle if they again become aligned with real unit labor costs.'
'This chart shows household debt-to-disposable income in select economies.' via @SoberLook
"Compared to the oil price, stocks of energy companies are significantly lower than they have been in the past. That's because of what I call the ESG discount: The enthusiasm people have for ESG."
'The tech shares lost a third of their value and yet the group -- a basket of companies for whom profitability has in many cases yet to materialize -- still trades at 16 times sales. That’s almost three times the multiple of the Nasdaq 100 Index.'
'JPMorgan's data showed that the week through Tuesday saw the strongest retail "order imbalance" for equities on record, meaning that buy orders outnumbered sell ones.'
'Four years ago, America elected its first billionaire president. Since then, the nation’s 200-or-so wealthiest people - a cohort representing 0.00006% of the population - have increased their combined wealth from less than $1.8t to more than $2.8t.'
In the four weeks ended Aug. 22: -Egg prices rose 16.5% -Cheese prices rose 7.3% -Lunch meat prices rose 8.1% -Diaper prices rose 8.8% -Laundry detergent prices rose 9.2%
The real Fed Funds Rate currently stands at -4.1%, the most deeply negative rate since 1980.
'Real estate accounts for almost 30% of China’s GDP — far higher than the U.S. at the height of its boom. To make matters worse, Chinese citizens are extraordinarily dependent on real estate for their nest eggs — the homeownership rate is 90%.'