Yes... moving to Substack ! Why? Managing plugins and the admin side of a site is kind of annoying when you are not a specialist. Substack feels much more user friendly and easy for what I need. The new address is: https://stowgrowglow.substack.com/ www.stowgrowglow.com will remain active for the time being. kind regards
The Random Walk Theory most clearly laid out by Burton Malkiel, an economics professor at Princeton University, posits that the price of securities moves randomly and that, therefore, any attempt to predict future price movement, either through fundamental or technical analysis, is futile. SGG investment approach has been much focus...
The rise of 0DTE (zero day to maturity options) is a recent phenomenon. Option volume has really taken off during Q4 2022 and has deeply impacted market behavior and structure. For the ones not really fully acquainted with the matter, May 2022 is the month where it all started....
In a nutshell US Budget Deficit is someone else surplus. Was it too much? Well, the FED is trying to manage the situation. Higher inflation, higher interest rates and DSR (Debt Service ratio) across the board. Beneath the surface of higher nominal economic growth, evidences are mounting that things are not so rosy. Inflation...
SGG believes that the market structure is an important behavior factor. Technology and computing power are definitively important drivers. The Investment management industry has been highly commoditized and the rise of passive investment is a result. When I say "Commoditized" it means that financial products suppliers profit margins have shrunk...
The massive COVID stimuli and the Ukraine war have brought inflation that most of us have never experienced. The price of money, interest rates, have gone up aggressively since last year. I did underestimate the inflation shoot up as the FED but there are a few things we need...
The aftermath of the COVID crisis and the ongoing Ukraine conflict has been a surge in inflation to level not seen in a long time. From globalization and fear of deflation to friend-shoring and fear of inflation. Looking back at the last 40 years, summer 1982 marked the start of...
Volatility has been a long-time focus for SGG. It is becoming now a permanent flexible allocation of SGG portfolio. SGG believes that excess interventionism by central banks and governments is the main source of a higher volatility regime for many years. Download the document for a full overview of SGG approach. SGG...
Back in July 2021 and May 2021, I wrote : "I believe that COVID 19 has unleashed the full power of the BTFD mind set. It is so powerful that it could become an unprecedent FOMO (Fear of Missing Out) wave. A race which could push indices with relative...
Nov 2021 Mckinsey published "The rise and rise of the global balance sheet or.... How productively are we using our wealth? As its says: Assets on the world's balance sheet in 2020 totaled $ 1540 trillion, or +18 times GDP and up from 13.2 times GDP in 2000 Real assets like...
