Which one of these four charts makes you laugh the most?
これら４枚のチャートの中でどれが一番笑えるだろうか？
Stocks decoupled from Earnings expectations...
株式は収益予想と乖離している・・・
Stocks decoupled from Macro data...
株式がマクロデータと乖離している・・・・
Global Stocks decoupled from global bonds...
世界株式が世界債券と乖離・・・
Global Stocks perfectly coupled with Global Money Supply (and Global Central Bank balance sheets)...
世界的株式は世界的マネーサプライ（そして世界的中央銀行バランスシート）と完全に合致している・・・・
At what point does Jay Powell look himself in the mirror and realize what a farce his entire life's work has become. どの時点でJay Powellは鏡に写った自分を見て彼のライフワークが如何に茶番であるかを知るだろう。
Big US Stocks’ Q1’19 Fundamentals Adam Hamilton May 10, 2019 3653 Words The US stock markets sure feel inflectiony, at a major juncture. After achieving new all-time record highs, sentiment was euphoric heading into this week. But those latest heights could be a massive triple top that formed over 15 months. Then heavy selling erupted in recent days as the US-China trade war suddenly went hostile. The big US stocks’ just-reported Q1’19 fundamentals will help determine where markets go next. 米国株式市場は転換点を迎えたように感じる、大きな岐路だ。記録的新高値を迎えた後、今週に向けてeuphoricな心理が優勢だった。しかし直近の高値は１５か月をかけた大きなトリプルトップかもしれない。その後ここ数日大きな売りが起きた、米中貿易戦争が急に敵対的になったためだ。大型米国銘柄が開示した２０１９Q1ファンダメンタルズで市場の今後の行方を判断できるだろう。 Four times a year publicly-traded companies release treasure troves of valuable information in the form of quarterly reports. Required by the US Securities and Exchange Commission, these 10-Qs and 10-Ks contain the best fundamental data avail
The Message From The Jobs Report – The Economy Is Slowing Written by Lance Roberts | Apr, 8, 2019 Last week, the Bureau of Labor Statistics (BLS) published the March monthly “employment report” which showed an increase in employment of 196,000 jobs. As Mike Shedlock noted on Friday: 先週、BLSが３月の月例「雇用統計」を発表した、雇用が１９６，０００増えたという。Mike Shedlockは金曜にこう書いた： “The change in total non-farm payroll employment for January was revised up from +311,000 to +312,000, and the change for February was revised up from +20,000 to +33,000. With these revisions, employment gains in January and February combined were 14,000 more than previously reported. After revisions, job gains have averaged 180,000 per month over the last 3 months. 「１月全非農業雇用は＋３１１，０００から＋３１２，０００に改定された、２月のデータは＋２０，０００から＋３３，０００に改定された。これらの改定で１月と２月を合算した雇用増は以前の報告よりも１４，０００多くなった。改定後でみると、雇用増は直近三ヶ月で平均１８０，０００／月となる。 BLS Jobs Statistics at a Glance BLS 雇用統計概観 Nonfarm Payroll : +196,000 – Establishment Survey Emp
The Next Decade Will Likely Foil Most Financial Plans by Tyler Durden Tuesday, Jan 26, 2021 - 15:20 Authored by Lance Roberts via RealInvestmentAdvice.com, There are many individuals in the market today who have never been through an actual “bear market.” These events, while painful, are necessary to “reset the table” for outsized market returns in the future. Without such an event, it is highly likely the next decade will foil most financial plans. 現在の市場参加者の多くは本当の「ベアマーケット」を経験していない。こういう事が起きると、痛みを伴うが、将来の大きなリターンを可能にするために必要なちゃぶ台返しとなる。これがないと、多くのファイナンシャルプランは今後１０年ひどいことになりそうだ。 No. The March 2020 correction was not a bear market. As noted: ２０２０年３月の調整はベアマーケットと呼べるようなものではなかった。以前にも指摘したが： A bull market is when the price of the market is trending higher over a long-term period. ブル相場とは長期に渡り市場価格が上昇するものだ。 A bear market is when the previous advance breaks, and prices begin to trend lower. ベア相場とはこれまでの上昇が止まり、市場価格が下落し始めることだ。 The chart below provides a visual of the distinction. When you look
GDP Data Tells You Nothing About Recession Risk by Tyler Durden Wed, 03/27/2019 - 19:05 via ECRI Real-time GDP data can be highly misleading around business cycle turning points. This is especially true in the lead-up to recessions. リアルタイムのGDP予想データを見る限り、ビジネスサイクル転換点においては、誤解を引き起こす可能性がとても高い。これは特に景気後退前に言えることだ。 On the verge of the 2001 recession, in February 2001, the real-time data showed GDP growth declining to 1.1% (green line). But with the Fed cutting rates, the S&P 500 saw a one-and-a-half-month 19% spurt in April-May, even as the recession tightened its grip. ２００１年の景気後退入り直前の２００１年２月には、リアルタイムデータではGDP成長率は１．１％下落だった（緑）。しかしFEDが金利を引き下げ、S&P500が４、５月の１．５か月で１９％上昇した、もう景気後退が差し迫るにもかかわらずだ。 And in November 2007, on the cusp of the Great Recession, real-time data showed GDP growth surging to 4.9% (red line). Only in the years follo
