Market Commentary

Weekly Points – December 1st, 2023 – 5 Things to Know in Investing This Week – The Government and Consumer Big Spending Issue

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It was a big week for spending. The consumer bought huge amounts of holiday gifts. (For my fellow Michiganders, the consumer did get much on sale because they require big savings.) The government bought a big positive revised GDP print. And Sheldon Adelson’s widow, Miriam, bought most of a basketball team. If you don’t want … Read more

I’ve Always Been Pro-Buyback

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This piece was originally published on November 30th, 2023. Overview: For many years, I’ve seen prominent investors criticize stock buybacks. In the worst examples, they’ve said buybacks provide only a one-time lift to earnings with no long-term benefit. Recently, investor Harris Kupperman, wrote about the subject of dividends vs buybacks and came out strongly in … Read more

5 Things to Know in Investing This Week – The Freedom Issue

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While Americans are focused on our own coming (and just passed) elections, Argentina had a monumental event. Using national ID and paper ballots, they were able to get votes counted the same night and found that a small-government capitalist in favor of sound money had won a huge and shocking victory. Here in the US, … Read more

Why Haven’t We Had a Recession Yet?

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This piece was originally published on November 27th, 2023. Overview: Market pundits have been spending the last two years predicting recessions. The typical setup right now is they project it will happen in the next 2-3 quarters. Every week, I see pundits projecting a recession in 1H 2024. Many of them are the same people … Read more

Thanksgiving Appreciation

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I’ve always thought Thanksgiving is an important holiday. There’s something admirable about having a day to reflect on the good things in our lives and to express gratitude. Apologies for not getting this out sooner, but I spent yesterday traveling and am writing this from the Tokyo airport at 6am. I’m a day late, but … Read more

5 Things to Know in Investing This Week – The Disinflation/Deflation Issue

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The Disinflation/Deflation Issue We got lots of macro news this week featuring lower levels of inflation (disinflation) and in some cases, lower prices (deflation). Long-term, DKI continues to believe that excessive Congressional spending and the ensuing currency creation (dollar printing) will lead to long-term inflation and long-term higher interest rates. For now, there is increasing … Read more

Smart Question on MMT From a DKI Reader

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Darren writes in with a question about modern monetary theory (MMT). It’s basically the fiat economics we’re accustomed to in the US and Europe. I’m an advocate for hard money and less government interference in the economy. Darren’s question is smart and right on target given all DKI has written recently on the disastrous inflation … Read more

Argentina Votes to #EndTheFed

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DKI readers are well-aware of my view that the size and expenses of the US government are unsustainable, and that Congress has decided to fund trillions of dollars of spending with inflation-causing debt (dollar-creation). Further, this fiscal malfeasance is enabled by the Federal Reserve, an institution that instead of maintaining any kind of financial order, … Read more

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