This is a very thoughtful piece by my friend Michael Lewitt. I can’t reproduce all his letters, as it is a subscription, but you can subscribe at his website.

…you might want to subscribe. This talks about the problems with austerity, as seen by the IMF, plus lots of other data. The IMF is right, by the way, but that does not mean that austerity is not the path we have to choose. We have gone too far!

Michael Lewitt’s work in The Credit Strategist is always solid and thorough – I’m a big fan. And this time Michael has added a great section in which he recaps his 2012 equity recommendations. If you would like to read him every month, you can subscribe at http://www.thecreditstrategist.com/

OK, Dennis graciously allows me to use his letter from time to time, and this is one of his better ones. Please do not forward, as this is for my readers only. You can subscribe at www.thegartmanletter.com if you need his steady input.

…of the best research in the country. I don't subscribe, but every now and then a friend sends me their work. This is a fascinating dive into the question of whether algorithmic trading (algos) will be the cause of the next bear market. Something to put on your radar screen…

…link back to his site if you want to subscribe (rather high-ticket). I liked this one today. Many people who trade seriously consider him required reading. (www.thegartmanletter.com)

…US and Japan, it raises my eyebrows. I don’t subscribe to their remedies, but must acknowledge that the markets may force the rather draconian write-downs in another form (rather than the direct asset taxation they talk about). This is thinking the truly unthinkable.

Michael Lewitt graciously gave me permission to passon his latest Credit Strategist. If you want to subscribe you can get it at http://www.thecreditstrategist.com.

Grant Williams expands on his presentation with Raoul Pal on demographics at SIC2017. One of the best presentations on the topic I have seen, with dozens of graphs. (Note: This is a 20.5 MB PDF.) You can learn more about Grant's Things That Make You Go Hmmm… and subscribe here.

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