Mauldin Newsletters

European Threats

2018-12-07T10:00:00+00:00

Someone asked recently how many times I had “crossed the pond” to Europe. I really don’t know. Certainly dozens of times. It’s been several times a year for as long as I remember.

Pyramids of Crisis

2018-11-30T10:00:00+00:00

In an increasingly divided world, we all share one great desire: self-preservation. Not just humans, either. The survival instinct exists in almost every living thing. Humans simply have greater ability to do something about it.

Double Debt Problem

2018-11-23T10:00:00+00:00

The selloff in GE is not an isolated event. More investment grade credits to follow. The slide and collapse in investment grade debt has begun… (and later) Don’t be fooled by bond prices holding up, because trading volumes are down. There are fewer bids in the market, and the dispersion of bids is wider. It is time to jog—not walk—to the exits of credit and liquidity risk. - Scott Minerd, Guggenheim Partners Chief Investment Officer

Seventh-Inning Debt Stretch

2018-11-16T10:00:00+00:00

Science tells us energy can neither be created nor destroyed within a closed system. Whatever amount is there will stay the same, though it might change form. If only the same were true for debt.

Economic Brake Lights

2018-11-02T09:00:00+00:00

But, like Cinderella at the ball, you must heed one warning or everything will turn into pumpkins and mice: Mr. Market is there to serve you, not to guide you. It is his pocketbook, not his wisdom, that you will find useful. If he shows up some day in a particularly foolish mood, you are free to either ignore him or to take advantage of him, but it will be disastrous if you fall under his influence. Indeed, if you aren’t certain that you understand and can value your business far better than...

Debt Alarm Ringing

2018-10-26T09:00:00+00:00

Is debt good or bad? The answer is “Yes.”

The Real Cost of Low-Fee Funds

2018-10-19T09:00:00+00:00

Today, rather than tackle some big macroeconomic issue, we’ll go back to this letter’s roots and look at market timing and portfolio construction issues. I expect this will get both enthusiastic support and at the same time, make a number of readers uncomfortable—if not annoyed.

Red Hot China Mailbag

2018-10-12T09:00:00+00:00

An odd aspect of being a writer is you never know in advance what will excite readers. I’ve written letters I thought very provocative only to draw mostly yawns.

The Trade Deficit Isn’t the Boogeyman

2018-10-05T09:00:00+00:00

I have to confess something: I run a huge trade deficit. It’s not with China or Mexico, but with Amazon. I buy all sorts of goods from them and Jeff Bezos has yet to spend a penny with me. It’s just not fair.

The Trump Trade War Recession?

2018-09-28T09:00:00+00:00

“A conservative is someone who stands athwart history, yelling stop, at a time when no one is inclined to do so, or to have much patience with those who so urge it.” —William F. Buckley, Jr., 1955