“When the collective consciousness stops believing growth can be created by money and debt expansion, the entire medium will fall apart violently, otherwise it will continue to be real.” -- Artemis Capital Management (Letter to Investors, July 2018) Happy Thanksgiving. Today I'm just thankful markets were not down again yesterday! As you relax (hopefully) over the coming days, here are a few observations to ponder . . . Observations The Fed’s balance sheet has grown 400% since the 2008 Financial Crisis. Early this year, the Fed began shrinking its balance sheet. Since January, it’s declined by ~7%. The S&P 500 is down about 10% from September's highs, following a similar decline in January/
It is with great pride and excitement that I announce Stephen Korn is joining Fielder as a Partner. Steve and I met 20 years ago as students
