Monthly Archives: May 2016

Question the usefulness of some historical stock market statistics

May 24th, 2016|by Michael Ashley Schulman, Perspectives, The Here and Now|

orange candle rack 2

Summary: No central bank has ever unwound a $4 trillion stimulus program and experience with raising rates from zero percent is limited; therefore, historical statistics on how stock sectors react to a rate rise are of limited use.

Fed rate hike moves […]

Thoughts on E&P (Oil Exploration & Production Companies)

May 17th, 2016|by Michael Ashley Schulman, Perspectives, The Here and Now|

Champagne Oil

Some rough notes to help frame an outlook for E&P companies

OIL OVERVIEW
The 2014 downturn in oil prices was caused by oversupply (not lack of demand); thus a correction of supply will improve prices

  • Oil supply/demand fundamentals will tighten through 2017
  • The incentive cost-curve for […]

Financial markets and economies bounced in and out of a deep pothole in the first quarter of 2016

May 16th, 2016|by Michael Ashley Schulman, Perspectives, The Big Picture|

Golden Gate 20pct

Financial markets and economies bounced in and out of a deep pothole in the first quarter of 2016 and the stomach churning reverberations continue to be felt in some investor stomachs.  The underlying strength of the US economy, led by consumer spending, is […]