Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. I do make mistakes, but I try hard to do my analysis thoroughly, and to make sure my data are correct. Remember: the unexpected sometimes happens. The expected does too, but all too often it takes longer than you thought it would.

The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

BTW, clicking on most charts will produce the original-sized, i.e., bigger version.

Thursday, June 14, 2012

How Germans Botched the Spanish Bank Bailout

A trenchant -- but insightful -- article on the mess that is Europe.

Meanwhile, in April, Euro industrial Production (IP) fell again by 0.8% month-on-month.  The chart below includes my estimates for May (another fall).

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