The Kelly Letter’s first-quarter rebalance demonstrated anew why we do not get caught up in endless discussions about bond market fluctuation. During the quarter, small-cap stock funds stole the show: Q1 2021 Price Change (%) – – – – – – – – – – – – – – – +18.1 S&P SmallCap 600 (IJR) […]
Author Archives: Jason Kelly
Do Not Fear Archegos
In this year’s Note 7 of The Kelly Letter, sent February 14, I wrote: “The Reddit/Robinhood combo looks like a passing media obsession. Soaring and crashing stocks are not new. Day trading, coordinated action, short squeezes, option plays, insider information, and all manner of influence have pressured the market from its inception. The only shiny […]
Posted in Stock Market Narratives
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Message to America From Japan: Your Guns Are Not The Problem
The pandemic kept Americans home for a year. Now that they’re venturing out again, the mass shootings have resumed. Last week a gunman killed eight people in Atlanta, Georgia. This week another killed 10 in Boulder, Colorado. Each of America’s mass shootings sparks a gun rights debate that misses the root of the problem: a […]
Posted in Opinion
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Small Caps Dominate Post-Vaccine Market
Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen made their first joint appearance before Congress yesterday, delivering remarks to the House Committee on Financial Services. Questioned yet again about inflation, Powell said: “We’ve been living in a world of strong disinflationary pressures for the past quarter century. We don’t think a one-time surge […]
Posted in Inflation, Small-Cap Stocks
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We Would Exploit a Grantham/Dent Spring Crash
In this year’s Note 3 of The Kelly Letter, sent to subscribers on January 17, I wrote about Jeremy Grantham’s bearish call: At the beginning of the year, he wrote that we’re in a “real humdinger” of a stock bubble that will burst in spring. The co-founder of Boston-based asset management firm Grantham, Mayo & […]
Posted in Stock Market Forecasts
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