The U.S. is similar to a legacy Technology company whose best days are in the rear view mirror. A telltale sign of this reality is that fact that the Federal Reserve is the largest buyer of U.S. Treasuries. There was a time when Japan and China were the largest holders of U.S. Treasury securities. Today, … Continue reading When You Are Your Biggest Customer
More precisely - "will central banks allow decentralized digital currencies to exist over the long-term?" The short answer is we do not know for sure, but there certainly is an incentive for the Federal Reserve and other central banks to want to tame any currency that falls outside of central banks' sphere of control. Central … Continue reading Will The Federal Reserve Allow Bitcoin to Exist Long-Term?
Mainland China is not bullish on the U.S. Economy. China's U.S. Treasury holdings have generally declined since 2013 from a peak of approximately $1.32 Trillion (Nov-2013) to $1.07 Trillion as of Jul-2020. Charts and graphs are at the article's end Both the U.S. and China have interventionist fiscal and monetary policy. The difference is that … Continue reading China Is Not Bullish On The U.S. Economy
A well-reasoned, fundamental-based investment process incorporates company-specific analysis combined with industry trends and macro-economic drivers. This approach helps identify valuation "dislocations" which may be leveraged to the upside or downside. However, fundamentals have never mattered less. Investors' collective attention is glued to Washington with one eye squarely focused on the Fed and the other on … Continue reading Will The Fed Purchase Equity ETFs Next?
Adobe (ADBE), Amazon (AMZN), Apple (AAPL), Broadcom (AVGO), Microsoft (MSFT) and Oracle (ORCL) were among the Technology companies included in the Fed's July 10th SMCCF disclosure. The Fed has purchased $137 million par value of Technology company fixed income securities through June 26th or approximately 9% of a total par value of approximately $1.5 billion. … Continue reading Fed Disclosure: Secondary Market Corporate Credit Facility Includes Amazon, Apple, Microsoft & More
The execution of PPP was poor. A set of well-defined terms provided by Treasury to the SBA and subsequently to the lending financial institutions could have avoided unintended consequences such as various private equity firms, asset managers, law firms and the like "borrowing" money (we use quotation marks as PPP recipients are not required to … Continue reading Questionable PPP Borrowers – A Partial List
We have published a list of businesses that received PPP loans of $150 thousand or greater. The list includes 616, 218 entries. Access the Excel file below. Today Treasury and the SBA released details of the various businesses that borrowed PPP funds. Included in the Excel detail are: loan size ranges, business names and addresses, … Continue reading List of PPP Loan Recipients