Dropping the list of 19 market outlook reports for 2024, including separate reports on the real estate sector.
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1) Goldman Sachs rb.gy/93wvsw
2) J.P. Morgan rb.gy/87qhdn
3) Morgan Stanley rb.gy/g02bwm
4) HSBC rb.gy/xeavht
5) Barclays…

Charlie Munger, investing genius and Warren Buffett's right-hand man, dies at age 99 cnbc.com/2023/11/28/cha…

WARNING: the Money Supply is officially contracting. 📉

This has only happened 4 previous times in last 150 years.

Each time a Depression with double-digit unemployment rates followed. 😬

Clearly, these surveyed CEOs have no idea how strong and resilient the economy is, causing inflation to be sticky, which the Fed must bring to heal.

LEI 6-month annual change is currently at a level that marks the beginning of a recession every time!
#NoSignsofRecession

Scott Minerd was a fixed income master -- brilliant at deciphering intermediate and long-term changes in interest rates. He was a dear friend and supporter. I will miss him
prnewswire.com/news-releases/…

Edward Avedisian, after a career as a clarinetist, donated more than $125 mill before he passed away recently.

Another wonderful lesson in the power of patience, faith in equity markets, and frugal living. Fabulous story.

Unemployment & 10s - 2s

“As one goes longer and longer in this business you spend more and more time thinking about people. Thinking about the characteristics of the people running the business; how smart they are, what their ethics are, how they set a culture at the company.”

- Steven Mandel

Nick Sleep: “The trick to be a successful long-term investor is to recognize sources of enduring business success, get in early, and own enough to make a difference. Which raises two questions: what are the sources of success and why are they not discounted in prices already?”

Most leading indicators used to gauge the economy’s prospects signal that it will at the very least struggle in the coming year and more than likely suffer a recession. None is more definitive than the Treasury yield curve – the difference between long and short-term rates.

FT: 'Laffont’s hedge fund is sitting on more cash than at any moment since Coatue has been in business.'

“I am anxious to deploy capital and at the right price we’re going to do it. But there’s still value in being patient and responsible and the downside could be significant.'

2/10 inversion intensifying.

The first SELL signal on our proprietary valuation indicator (an ERP deviation model) since the GFC.

You are not too old to change your mind, learn something new, travel far, make new friends and fall in love again.

twitter.com/wanderlust_pur…

Just your friendly reminder - #recessions do not start until the #yieldcurve #UNinverts .
h/t ISABELNET