Is The Recession Playbook Working?

“All these people see the same data, read the same material, and spend their time trying to guess what each other is going to say. [Their forecasts] will always be moderately right—and almost never of much use.” — Howard Marks

Chart of the Day

Good morning!

The usual market dynamics seem to no longer work. 

Treasurys, which are supposed to hedge portfolios against steeper declines posted by stocks, aren’t working the way they’re supposed to. And almost every d...

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