Equities and expensive and credit spreads are tight. Some investors may be able to eke out further returns, even safely, if they are familiar with certain markets such as the ABS and leveraged finance markets. Eventually, given the weight of capital chasing returns, even these pockets of value get crowded. In the long only world,

This article was originally posted Sep 7, 2017. It is updated for new trade data Feb 2018.   The Trade War continues. Since 2011, the Obama administration has been actively pursuing a program of reshoring. http://agmetalminer.com/2015/01/22/obamas-manufacturing-centric-state-of-the-union-youll-never-hear/ Donald Trump’s agenda only seeks to bolster or exacerbate an existing trend. As global growth slows, every country seeks

  Fundamentals give us the courage to place our bets. Gains give us the hubris to up the ante. Greed blinds us when fundamentals deteriorate. Denial paralyzes us when gains are lost. Fear grips us as losses mount. In despair we sell the good with the bad. And turn our backs when the storm passes.

We’ve spent nearly a year in disbelief watching equity markets rise against some pretty lofty valuations asking ourselves when the next correction would be and how far equities could keep rising. They rose beyond our most optimistic expectations. We are now watching in disbelief as equity markets fall against some pretty strong fundamentals of growth