Good morning. It’s a Buy and Hold market: I always said so!! 🙂

http://pragcap.com/the-portfolio-manager-strategy-cycle

 

For all ye bondholders out there: “IMF studies changes to bond restructurings”

http://www.ft.com/intl/cms/s/0/09b5f368-c2f7-11e2-9bcb-00144feab7de.html

 

I think it is pretty cool that they have found bubbles beginning exactly 10 years apart. The only trick now, is to think of the next one….

http://www.zerohedge.com/news/2013-05-22/five-decades-asset-bubbles-which-one-next

 

Now, why am I not surprised to see this divergence…

http://www.economist.com/blogs/graphicdetail/2013/05/daily-chart-14

 

So, here is what the experts think the S&P will be doing the next six months or so. Unless they raise their targets, of course…

http://www.bespokeinvest.com/thinkbig/2013/5/22/wall-street-strategist-year-end-sp-500-price-targets.html

 

…and a bit of perspective on the current Bull market.

http://www.chartoftheday.com/20130522.htm?T

 

The Economist has dusted off their House Price Index. Super interactive tool. By simply changing the starting point you can make markets look expensive…

 

….or pretty cheap…

http://www.economist.com/blogs/dailychart/2011/11/global-house-prices

 

No, I haven’t got a clue either, what this is supposed to show, but it comes from an interesting study on US housing and default

http://www.federalreserve.gov/pubs/feds/2013/201330/201330pap.pdf

 

Ok, so inflation is not a problem. But why is no one shouting ‘deflation’ right now?

http://ftalphaville.ft.com/2013/05/22/1511832/measure-it-however-you-like-inflation-has-been-low-and-falling/

 

As always a bit over the top, but this one I sort of like nonetheless. Running out of Placebo’s…

http://www.zerohedge.com/contributed/2013-05-22/zig-zag-ben

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