Weekend Insights

AI is going to change the world. However, like it has several times in the past, excess liquidity has made a new phenomenon seem like it's going to change things quicker than it really will.

Tech is now extremely overbought...and a credit crunch is coming. That combination will create headwinds for stocks soon.

The only reason the market has held up during the current banking crisis is excess Fed liquidity. Will they have the courage to remove it?

In 2020 and again in 2022, investors had a situation that was staring them straight in the face...and they ignored it. The same thing is happening again with today's regional banking crisis.

We're sorry, but to think that the regional banking crisis will not have an important impact on the availability of credit...and thus on economic growth...is silly.