Truly Breathtaking – OWTW

Oh, boy! Crypto is (once again) moving with the volatility of the British pound. By now, you have probably heard of the wipeout of FTX and their founder Sam Bankman-Fried. In case the guy’s name wasn’t enough reason to give you pause (bankman fried?), Fortune tried to warn you back

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Predictable – OWTW

Long-term readers are by now familiar with our investing philosophy and “market bias.” We are long-term investors first and foremost. We shun what’s expensive and gravitate towards what’s cheap. In recent years, that meant backing up the truck on everything energy, particularly oil and gas and coal, and resisting the seductive siren

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“Gilty” as Charged – OWTW

A lifetime ago now — actually, it was only back in January of this year — the 30-year Gilts traded at 80bps. A few weeks ago that hit 5% and now trades at 4%. And if you’re a visual learner, here’s the bond chart for you: As we commented in

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Getting Spanked – OWTW

  WHAT IF… It’s been a while since we touched on the bond market here, but our buddy Kuppy just penned a thought-provoking piece on the topic. A short teaser: Imagine what would happen if 30-year treasuries collapsed and yielded 10%, offering a real yield of almost 2%, or potentially enough to compensate

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The Mania Rages On – OWTW

If the last couple of years we had a retail mania on the upside, we now appear to have a mania on the downside. Here’s Bloomberg on the state of the markets these days: It’s quite a change in tactics for retail traders. Enticed by the sharp equity rally and

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The Hottest Commodity Few Are Talking About – OWTW

  THE GREAT COMMODITIES BULL MARKET: GOOD THINGS TAKE TIME The latest report from Marathon Resource Advisors on the state of the commodities market is well written and really easy to understand, and we highly recommend you read it. To whet your appetite, we’ll highlight three charts from the report. You might

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Welcome to the Dark Ages 2.0

  NEW PODCAST WITH CHRIS MACINTOSH Chris recently joined Jason Burack on his Wall St. for Main St. podcast to discuss all the “batisht” crazy things happening in the global macro arena right now such as: 0:48: The biggest risks to the global economy right now (out of control inflation, the

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Coal: Talk dirty to me

Around the world, demand for dirty coal keeps growing and coal prices are running like the police are after it. In light of this, it’s worth highlighting just how hated and underinvested coal equities still are today. In 2006, coal miner Peabody Energy (BTU) traded at 31x P/E and was flagged as a “burning buy” (H/T to @GringoInvesting). For

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