Category Archives: Investment outlook

Hubert Horan: The Airline Industry Collapse Part 3 – Recovery Expectations Were Always Dreadfully Wrong

Not only is the airline industry in desperate shape, but its executives have made its bad situation worse, increasing resolution costs for all bagholders.

Introducing An Economic Program for American Democracy

A 1938 economic manifesto makes modern day schemes look inadequate and unimaginative.

Lots of Brain-Dead Misreporting About the Case-Shiller Home Price Index this Morning

No, Case-Shiller is not yet a reflection of home prices during the Pandemic. Be patient.

Board Member Margaret Brown Sues CalPERS, Board President Over Gang-Style Retaliation for Efforts to Oppose Its Incompetence

Board member Margaret Brown has finally had it with CalPERS’ dirty tricks.

8 Reasons Why Covid-19 Damage to the Economy Will Be Deep and Lasting

Why the economy is still mighty sick and won’t get much better any time soon.

CalPERS Plans to Blow Its Brains Out: Seeks to Increase Risk by Boosting Private Equity, Private Debt, and Leveraging the Entire Fund

CalPERS latches on to new, really bad investment ideas.

Private Equity Clearly Inferior to Public Equity: Delivers Similar Returns With Lower Liquidity

More evidence that private equity underperforms on a risk-adjusted basis.

Michael Hudson: Fed’s $10 Trillion Defends Assets of the Rich

Michael Hudson gives a detailed, if sobering, account of the outlook for the economy.

Public Pension Plans in a World of Hurt; Even Loyalists Warning of Grim Prospects

Not surprisingly, public pension fund economics look pretty sick.

Is EIA Data Disguising A Disastrous Decline In U.S. Shale?

Tallying some of the recent shale production cuts.

US Commercial Real Estate Prices Plunged in April, Mall Prices Collapsed

Looking at the bloodbath in commercial real estate…..and worse is almost certainly in store.

The False Dawn of Ending Coronavirus Lockdowns

It would be nice if relaxing the lockdowns would solve a problem, any problem….

More Public Pension Fund Pain: LACERS Reports Hit to Liquidity from Private Equity Capital Calls; Are Fund Managers Exploiting the Dumb Money Yet Again?

Private equity firms are sucking cash out of their limited partners at the worst possible time, exposing public pension funds in particular to liquidity crunches and fire sales.

Taleb Questions CalPERS Ben Meng’s Competence and Honesty in Defending Missed $1 Billion Hedge Gain; Taleb Estimates CalPERS Net Loss on Meng’s “Alternative Mitigation” Over Two Years at $19 Billion

Nassim Nicholas Taleb calls out one of CalPERS CIO Ben Meng’s Big Lies, and unearths an even bigger one.

The Fed Backfires: Shock and Awe Rate Drop to 0%, Emergency Bond Buying Program Leads to Limit Down Drops in US Equity Futures as Real World Coronavirus Damage Worsens

The Fed just told everyone to assume the brace position.