The Morning Call---Lose less

 

 

 

The Morning Call

 

4/22/21

           

 

The Market

         

    Technical

 

            Wednesday in the charts.

            https://www.zerohedge.com/markets/ethereum-erupts-small-caps-soar-sp-breadth-reaches-record-high

 

            Technical update on bitcoin.

            https://www.zerohedge.com/the-market-ear/czq0zzhpz8

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          Weekly jobless claims came in at 547,000 versus estimates of 617,000.

                          https://www.zerohedge.com/personal-finance/americans-jobless-benefits-jumps-back-above-17-million-initial-claims-dip

 

The March Chicago Fed national activity index was reported at 1.71 versus -1.2 in February.

                       

                        International

 

The EU government debt to GDP ratio on 12/31/20 was 98% (recall that the Rogoff/Reinhart study concluded that any ratio higher than 90% acted as a restraint on economic growth).

 

                        Other

 

                          Vehicle miles driven declined YoY in February.

                           https://www.calculatedriskblog.com/2021/04/dot-vehicle-miles-driven-decreased-106.html

 

                          Demand for architectural design services continued to escalate in March.

                          https://www.calculatedriskblog.com/2021/04/aia-demand-for-architecture-design.html

 

                          The sad misunderstanding of what an economic resource is.

                          https://www.adamsmith.org/blog/the-sad-misunderstanding-of-what-is-an-economic-resource-that-we-should-be-sparing-with-our-use-of

                                          

                                                   The problem with how inflation is calculated.

                          https://www.zerohedge.com/economics/asset-bubbles-danger-anchoring-reported-inflation-non-market-price

 

    The Fed

 

       Here is a study showing easy money increases income inequality.

       https://www.nakedcapitalism.com/2021/04/softer-monetary-policy-increases-inequality.html

            

       Bank of Canada begins QE taper and moves up rate guidance.

       https://www.zerohedge.com/markets/canadian-drama-loonie-dumps-and-pumps-headline-chaos-boc-tapers-bond-purchases-moves-rate

 

       The ECB keeps monetary policy unchanged.

        https://www.zerohedge.com/markets/ecb-keeps-policy-unchanged-reaffirms-faster-bond-buying

 

   Biden’s Plan

 

     Biden’s infrastructure bill in bad policy.

     https://www.city-journal.org/bidens-infrastructure-bill-is-a-bad-bet

 

     Counterpoint.

     https://www.project-syndicate.org/commentary/productivity-after-the-pandemic-by-laura-tyson-and-jan-mischke-2021-04

 

   The coronavirus

 

    The lockdown paradigm is collapsing.

    https://www.aier.org/article/the-lockdown-paradigm-is-collapsing/

 

Bottom line.  The risk of being grossly underexposed in the midst of central bank            intervention.

    https://www.advisorperspectives.com/commentaries/2021/04/21/there-is-no-way-this-bull-market-doesnt-end-very-badly

 

    Lose less.

    https://alephblog.com/2021/04/20/lose-less/

 

    Wealthy investors moving to cash.

    https://www.zerohedge.com/markets/millionaire-investors-pile-cash-sell-side-researchers-warn-market-turbulence

 

 

    News on Stocks in Our Portfolios

 

AT&T (NYSE:T): Q1 Non-GAAP EPS of $0.86 beats by $0.08; GAAP EPS of $1.04 beats by $0.49.

Revenue of $43.9B (+2.6% Y/Y) beats by $1.21B.

 

Sherwin Williams (NYSE:SHW) declares $0.55/share quarterly dividend, indicating the 3-for-1 stock split, distributed after close of trading on Mar. 31, 2021. (Read here: Stock Split)

It is comparative to $1.65, the earlier quarterly dividend, which was on a pre-split adjusted basis.

 

What I am reading today

 

           

 

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