Playing by the Old Rules Merrill Lynch legend Bob Farrell famously said, “In a shift of secular or long-term significance, the markets will be adapting to a [...]

A Match to the Powder Keg Friday the 13th rarely lives up to its frightful hype, but this Friday’s iteration of the infamous day actually delivered. The [...]

Thanks to All Clients! Due to the 2023 MWM client conference on Friday, this week’s HAI will just be prices. MWM deeply appreciates all our clients and [...]

Energy Reality vs. Goldilocks Fantasy As HAI has described several times, the Fed is trapped. Inflation hasn’t given the monetary maestros credible cause to [...]

A Period of Consequences This was a very volatile week on Wall Street as asset prices whipped around at breakneck pace. Ultimately, however, the overall [...]

Black Gold, Yellow Metal, and a Green Light In this week’s update of the University of Michigan Surveys of Consumers, survey director Joanne Hsu noted that, [...]

Making Sense of Mixed Signals This was a down week for most asset classes. Stocks, cap-ex commodity metals, precious metals, and Treasurys were all lower on a [...]

The Gift of Loved Ones This author is incredibly thankful for the opportunity to spend the current long weekend with loved ones. While markets are an absolute [...]

Keep Your Eye on the Ball This week’s highlights feature both weak and weaker-than-expected economic data in the US and around the globe. Consumer sentiment [...]

On The Road Again Just like Willie Nelson, this week HAI is on the road again. Amid cross-country travel, this week’s commentary will be brief and to the [...]

Back In Time Last week, HAI detailed an alternative, lower odds “inflationary fire” scenario. Rather than break down, markets could potentially crack up. [...]

The Fitzgerald Test A recent HAI cited F. Scott Fitzgerald’s famous quote that, “The test of a first-rate intelligence is the ability to hold two opposing [...]

Buyer Beware This author has been attending a natural resource conference all week and was traveling Friday. As a result, this week’s HAI will just be prices [...]

The Fog of Mania For many months, HAI has been of the opinion that the current “goldilocks” environment is on borrowed time. Many market participants [...]

Transitory Goldilocks The National Bureau of Economic Research (NBER) is the research organization known for marking the official start and end dates for U.S. [...]