Author Archives: Jason Kelly

It’s possible that stocks will not be worth their trouble for another many years. We could already be in a range that holds for so long that people simply move beyond stocks as a place they consider storing their money. The stock market could become a distant report for specialists only, much the way most […]

From last Sunday’s Kelly Letter: Cash is worthless with rates near zero, and there’s a lot of cash out there needing somewhere to go after the many bailouts and injections into the banking system that have not been converted into new lending. Lots of money into the banks with none coming out indicates that banks […]

Gluskin Sheff’s David Rosenberg on the market’s overvaluation, sent to clients last Friday: On one-year forward (operating) earning estimates, the P/E ratio is now 15.7x, the highest it has been in nearly five years. At the peak of the S&P; 500 in the last cycle — October 2007 — the forward P/E was 14.3x, and […]

How about some news from the front lines of Japan’s economic slump? A new, young face recently showed up at one of my favorite restaurants in Sano, where I live. She waited on me a few times and the last time I asked her name and if she was a student. “Yes,” she replied. “I’m […]

TCW Group Chief Investment Officer Jeffrey Gundlach said at a June 2007 Morningstar conference, “The subprime market is a total unmitigated disaster and it’s going to get worse. The delinquency rate is still climbing. At the same time, the ability of people to refinance is also going down. It’s just not a very attractive situation.” […]