21/6/17: BusinessInsider: The Most Important Charts in the World

My contribution to the BusinessInsider "The most important charts in the world from the brightest minds on Wall Street" is out. See my chart here: http://www.businessinsider.com/most-important-charts-markets-finance-chartbook-2017-6?op=0#/#constantin-gurdgiev-52 and the full deck of charts here: http://www.businessinsider.com/most-important-charts-markets-finance-chartbook-2017-6.

16/5/17: M&As and Investment Climate: 1Q data

As an illustration to the point made a few weeks ago (see http://trueeconomics.blogspot.com/2017/04/28417-vuca-markets.html)  here is the latest data on aggregate deals volumes and deal values for M&As

9/9/15: MSCI World EV/EBITDA ratio: Happy Bubbly

In the lightness of being inhabited by the world's investors, no valuation is a bubble, until it is officially declared to not be a bubble. And so it has been since the start of the year, just as EV/EBITDA (Enterprise Value ratio to Earnings before interest, tax, depreciation and amortisation) ratio of MSCI World Index for 23 Developed Markets economies peaked at levels ahead of all previously recorded ones:

Source: @zerohedge

But never mind, for that promised growth rebound is just around the corner... where it has been for the last seven and a half years... just one period ahead forecast from today...

Note: h/t and thanks to Rouben Indjikian for spotting EBITDA definition missing reference to interest.

15/5/15: Monetary Titanic & Bubbles Troubles

Food for thought this morning - two links:

• HSBC's research warning that the monetary policies-based liquidity pyramid is shaky: http://finance.yahoo.com/news/hsbc-thinks-world-economy-titanic-120044852.html?soc_src=mediacontentstory&soc_trk=tw and that this time around, the shakes are systemic. Key point here: Central Banks are out of ammunition, while economy is not anywhere near being on solid footing.
• Meanwhile, MoneyWeek spots three bubbles (the UK-centric property bubble is not unique to London, but is present in a large number of economies, from Canada to Australia and beyond): http://moneyweek.com/three-bubbles-that-are-ready-to-pop/

Note, first link above cites low worker productivity. Here's a slide from my recent (this week) presentation on same: 

And here is my view on the Irish property bubble (in development, but not yet fully manifested):

What is interesting about the Irish property markets is that whilst price and activity levels are not yet at concern points, the rates of increases in commercial rents and declines in yields, and rates of rises in residential property prices in Dublin are clearly fuelling a massive hype by real estate agents and the media. This is hardly consistent with a 'healthy' market.

I will be speaking about the financial valuations bubbles, focusing on M&As and strategy for avoiding these, next week at http://rebel.alltech.com/ so stay tuned for slides on that next week.