This is going to be a review of David Stockman’s 768-page tome The Great Deformation, and
although I never thought it was possible, it makes me angry to write this book review.
I’m not angry because I don’t like the book. On the contrary, this is the best economics book I’ve ever read. Indeed, it may be the best and most influential book I’ve ever read in my life. I only wish I had read it the moment it was published in April 2013. I only finished reading it today, and for the entire time I’ve been plowing through it, I’ve been trying to think of what I would say in this review.
Why am I angry, then, to write this? Bluntly stated, because nothing I can say will make what I want a reality. And what I want is for every literate person in the United States to read this book, cover to cover. I want them to read it. I want them to understand it. I want them to agitate for the changes that it recommends. (more…)
I was looking at the entire history of the volatility index (the oft-cited “VIX’) and found an interesting parallel. Take note of this chart
As exciting as August began for the bears, it turned out to be The Month of Lifetime Highs. The VIX got crushed back to 11, profitless companies like Tesla exploded in value (in TSLA’s case, over $33 billion), and big-boy indexes like the S&P 500 were at levels never before seen in human history.
In light of all this, I’ve dug up a few stocks which still have promising-looking patterns on the long side, without having run off with themselves like so many other long setups already have. I will say, however, as if it weren’t obvious, that I neither own these, nor do I intend to, in light of the price levels on indexes for which “nosebleed” is really an insufficient metaphor.
I am, in all candor, shorter than I have ever been in my life, because the quantity and quality of short setups boggles the mind. Undaunted clarity, or misguided foolishness? Only time will tell. Setting that aside, though, here are a few bullish charts for you: (more…)
Tesla bursts to lifetime highs with a very clean breakout (and my forthcoming Model X, on order for years now, is shown in the lower-right……)