“Other than money, our most valuable assets are patience and vigilance.”
–Unknown Source
In the main, it remains my strong view that financial asset prices have decoupled from fundamentals in 2017.
First-quarter GDP estimates predictably have moved lower relative to previous consensus forecasts.
Meanwhile, despite obvious legislative, executive branch organizational and other headwinds, second-half consensus profit and economic forecasts remain unrealistic. (The same may apply to 2018).
Three Peaks: In Housing, Autos and Retail
“About one-third of malls in the U.S. will shut their doors in…


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