In this brief note we discuss how, on some reasonable metrics, the S&P may qualify as the most expensive in history. When compared to potential economic growth, multiples on the S&P500 exceed even those seen during the Tech Bubble in 2000. To value the S&P index, we use a variation of the Shiller P/E and the Hussman P/E.
Since 2013, Alibaba has seen net income climb nearly 40% year over year, on average. Gross revenue, meanwhile, has surged nearly 69%, on average, by the same measure. By and large, this growth has come solely from within China — Alibaba’s home turf. But the company is increasingly expanding outside of China’s borders.
Just recently the Federal Reserve quit updating their carefully constructed “Labor Market Conditions Index” which failed to support their ongoing claims of improving employment conditions. The chart below is the last iteration before it was discontinued which showed a clear deterioration in underlying strength.
The U.S. Shale Oil Industry is in serious trouble as its debt spirals higher due to its massive production decline rates. While the Mainstream media continues to put out hype that the shale oil industry can produce oil at $30 or $40 a barrel, the reality shows that it’s becoming difficult just to finance its debt.
Ever since the beginning of the oil price crash in late 2014, countless pundits and journalists have earned good money pontificating about why the crash and how much and when prices would recover. Initially there were abundant talks of the crash having to be short lived .
Spot the Social Problem (Adam)
What can go wrong? Overall, the central bank not only generates greater imbalances and a poor result in a “zombified” economy as the extremely loose policies perpetuate imbalances, weaken money velocity, and incentivize debt and malinvestment.
An armed Antifa group is launching a new cell in Philadelphia, with support from the “alt-left” alternative media. The group currently hosts anti-police workshops called “Our Enemies in Blue.” The group draws inspiration from convicted murderers and calls for violence against the police, theft of goods, and armed insurrection.
Finance chiefs in the former Portuguese enclave announced that 680 of the 1,300 ATM machines in the city were now equipped with what monetary and banking chiefs described as “Know Your Customer” technology, which they unveiled in May. The technology has been compared to measures depicted in the 2002 futuristic film Minority Report, starring Tom Cruise.
After weeks of relative slumber, gold traders were rudely awoken to a surge in volume and volatility. In a span of one minute, gold futures contracts equaling more than 2 million ounces traded — about 20 minutes before Federal Reserve Chair Janet Yellen was to address a gathering of policy makers in Jackson Hole, Wyoming.
Coral reef connections (edelinski)
Scientists have identified how coral reefs, hundreds of miles apart, are connected by ocean currents. Observing these networks from space may prove vital for their conservation.
Gold & Silver
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