> QE Archives - Per Stirling

Blog

25

June

23

May

Per Stirling Capital Outlook – May 2019

American author Mark Twain observed that, “History does not repeat itself, but it oftentimes rhymes”.  For evidence of just how insightful this perspective is, one needs to look no further than the Winter 1982 edition of Foreign Affairs Magazine, which noted that: “President Reagan won his office in part because he convinced the electorate that […]

29

April

Per Stirling Capital Outlook – April 2019

One of the core premises on which monetary policy is based is that there is a direct relationship between economic growth and inflation.  More specifically, prevailing economic theory maintains that strong economic data ultimately leads to both “full employment” and the full utilization of an economy’s productive capacity, and that both economic conditions, once they […]

29

March

Per Stirling Capital Outlook – March 2019

If there is any single sentence that epitomizes how the Federal Reserve operated in the pre-Bernanke era, it is probably the reply given by then Fed Chairman Alan Greenspan during a 1987 testimony to the Senate Banking Committee.  He responded to a question by saying, “If I seem unduly clear to you, you must have […]

20

December

14

September

Per Stirling Capital Outlook – September 2015

1 - Per Stirling Capital Outlook September 2015

According to Greek mythology, Zeus created Pandora, as the first woman, as part of a plot to get revenge on two brothers who angered Zeus by restoring access to fire to the human race. When, according to Zeus’ plan, Pandora married one of the brothers, Zeus gave to her a box as a wedding gift, […]

20

August

Per Stirling Capital Outlook – August 2015

1 - Per Stirling Capital Outlook August 2015

  Author Jacob Braude is quoted as saying, “Always behave like a duck – keep calm and unruffled on the surface but paddle like the devil underneath”.  The markets seem to be taking Mr. Braude’s advice to heart, as the impression that they give from above belies entirely what is going on beneath the surface […]

26

June

Per Stirling Capital Outlook – June 2015

1 - Per Stirling Capital Outlook June 2015

In 1841, Scottish journalist Charles Mackay first published his so-called “history of popular folly” titled Extraordinary Popular Delusions and the Madness of Crowds.  Among other things, it examined many of history’s most speculative asset bubbles, including the South Sea Company bubble of 1711–1720, the Mississippi Company bubble of 1719–1720, and the Dutch “tulip mania” of […]

29

May

Per Stirling Capital Outlook – May 2015

Per Stirling Capital Outlook - May 2015 #55 - 1

  When the Federal Reserve first launched its quantitative easing program back in November of 2008, they clearly understood the limitations of such programs.  Chairman Bernanke himself publicly acknowledged that they probably would not have a direct impact on the real economy, and that the Fed would need to instead rely upon the secondary and […]

05

May

Per Stirling Capital Outlook – April 2015

Per Stirling Capital Outlook - April 2015 #1

Both economics and capital markets analysis are, at their core, based upon the study of history.  Everything that analysts, economists, strategists and investors know, or think that they know, is based upon the premise that the past offers some insight into the future, and that it is reasonable to expect for both markets and economies […]


Navigation