Second, the kind of seemingly bullish moves that we are witnessing now after the bank crisis has started are simply bear trap feints: They are the result of an expectation of massive amounts of additional money creation about the flow through the system. Rather, they reflect two kinds of movements.įirst, every time investors think that the Federal Reserve is going to ease up on its rate hikes, investors move a little bit of cash out of their bond portfolios and into their stock market portfolios as part of an asset allocation strategy and this drives stock prices up.īut these kinds of asset allocation transfers are not healthy bullish moves but rather the perverse outcome of an asset allocation strategy whereby money is simply moving between stocks and bonds. Instead, any perceived bullish moves upward are not really bullish at all. The problem in this particular stock market, however, is that this standard principle is not operative. On the other hand, if investors expect recession and slower growth in corporate earnings, it’s a bear market and stock prices will be falling. So, if investors expect robust economic growth and associated stronger earnings, these are the conditions for a bull market and stock prices will rise. In normal times, stock prices reflect an expectation of future stream of earnings. The current disease in the stock market can be summarized with this simple observation – and it’s the kind of thing that I teach in my macro course. Right now, we very much have a stock market and bond market trying to decide whether there is going to be recession and/or inflation – that is, stagflation – and whether the Federal Reserve, Congress, and the White House are going to adopt appropriate policies to combat these problems as well as the bank crisis which has been thrown on top of this. Now let’s get to the market wrap, and it is not a particularly pretty picture. Just click on the link below but note that you will only have FOUR DAYS from today to take advantage of this offer.

In fact, as a salute to Steve Bannon’s Warroom University, for the first 1000 students who enroll in the next four days, the course will be totally free. This course is now available on the outstanding Udemy online teaching platform but the best way for you to access the course is by going to my substack where you’ll be able to click a simple link and get a nice discount on the course as a substack subscriber or member of the Warroom Posse. My expertise in teaching has always been to keep things as simple as possible without dumbing them down, and that is what I have done in my course Strategic Macroeconomics for Businesses and Investing. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.By way of background, I taught applied macroeconomics to MBA students at the University of California-Irvine for the better part of 25 years and in the course of my career, I developed what is arguably the most sophisticated, but easy to understand, strategic macroeconomics course available on the market today.

Kayvon BeykpourĪlthough unconfirmed, several people told news outlets that Beykpour, former Head of Consumer Product of Twitter, was spotted inside HQ.īeykpour was fired by the former CEO in May. According to reports, Spiro has 'led the conversations about the job cuts' that could be happening at Twitter. Spiro is a well-known lawyer who defended Musk in a 2019 defamation case. As a former wealth advisor, Birchall is responsible for handling most of Musk's finances. I ( and a16z) believe this is a hugely important company and can have great impact on the world and Elon is the person to make it happen.” - Sriram Krishnan - sriramk.eth Krishnan - sriramk.eth)īirchall is the managing director of Excession LLC, Musk's family office. “Now that the word is out: I’m helping out with Twitter temporarily with some other great people.

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