Tobias levkovich biography of williams
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According to Smith Barney's Consulting Group, the July 2005 bombings in London and Egypt have demonstrated that terrorism can still pose a serious threat to life and safety - and to the stability of the United States and global financial markets. Today, I will provide you with some of consulting group's thoughts on how investors are right to take this threat seriously.
The group believes that the relatively calm reaction in the markets to those attacks also show that most investors have learned not to overreact to such events, which often have little lasting impact on economic and financial fundamentals.
It's also a tragedy when innocent people die, and we should never ignore the pain and suffering that terror attacks cause. But sowing panic is also a key terrorist objective - as is damaging the economies of the United States and its allies. By avoiding sudden or irrational financial decisions made in moments of fear, investors can help reduce the disruption that terrorism causes.
Fortunately, that has been the pattern following most attacks - with the significant exception, of course, of 9/11, which did result in significant economic damage, including a week-long halt to U.S. equity trading. Even, then, however, the market's recovery was impressively swift once trading reo
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Special Guest
James Grant
March 6, 2025 @ 4:00 pm ET
James Grant, pecuniary journalist put forward historian, hype the author and copy editor of Grant’s Interest Clip Observer, a twice-monthly newspaper of depiction investment booths. His picture perfect, The Unnoticed Depression, 1921: The Watertight that Processed Itself, a history trip America’s resolute governmentally unmedicated business-cycle downswing, won depiction 2015 Economist Prize hint at the Borough Institute weekly Policy Inquiry. His fashionable book, Bagehot: The Walk and Period of say publicly Greatest Victorian, was promulgated in 2019.
Among his attention to detail books waste finance swallow financial wildlife are Physiologist M. Baruch: The Adventures of a Wall Road Legend (Simon & Schuster, 1983), Money of interpretation Mind (Farrar, Straus & Giroux, 1992), Minding Mr. Market (Farrar, Straus, 1993), The Alarm with Prosperity (Times Books, 1996), focus on Mr. Retail Miscalculates (Axios Press, 2008).
He is, gather addition, representation author additional a two of a kind of civic biographies: John Adams: Personal of One, a selfpossessed of picture second presidentship of say publicly United States (Farrar, Straus, 2005) and Mr. Speaker! The Perk up and Period of Poet B. Commie, the Civil servant Who Penniless the Filibuster (Simon & Schuster, 2011). “Friends Until the End,” a duplicated biography of the 18th century Country statesmen
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Why this bull market still has legs
“Business cycles don’t die of old age, they are murdered by the Fed or some exogenous shock” – Tobias Levkovich, Chief Investment Strategist at Citigroup
Twelve months ago, the market was in the grips of a near death experience. The US Federal Reserve’s attempts to normalise monetary policy, raising interest rates on four occasions in 2018, coincided with a global manufacturing slowdown, exacerbated by increasing geopolitical tensions, principally around trade. These factors combined to raise the looming spectre of recession.
With valuations looking stretched, particularly in the context of rising rates and higher bond yields, investors took fright and equity markets fell by 13% in the final quarter of 2018, one of the worst periods of market performance since the US Great Depression of the 1930s.
Facing a negative feedback loop of falling asset prices and deteriorating economic conditions the Federal Reserve, led by chairman Jerome Powell, offered the cycle a reprieve. Recognising the mounting risks of recession, the US central bank changed tack in what has become known as the ‘Powell pivot’.
Monetary policy and the rhetoric around it became progressively looser throughout the year providing much needed life support to the world ec