Michael Lebowitz

Articles by Michael Lebowitz

Taper Is Coming: Got Bonds?

Taper Is Coming: Got Bonds? The solid economic recovery and easing of COVID restrictions lead us to believe a tapering of QE may not be far off. Further supporting our opinion, inflation has fully recovered to pre-pandemic levels, and employment is improving rapidly.

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The Battle Royale: Stocks vs. Bonds (Which Is Right?)

Peak S&P Earnings vs Actual Earnings, 1980-2020

The Battle Royale: Stocks vs. Bonds. The S&P 500 is at valuations higher than those in 1929 and rival those of 1999. Despite a recession, the index is 25% above where it was trading before the pandemic. The equity stampede is undoubtedly bullish about corporate earnings prospects and, by default, economic growth.  

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