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An Alternative Way To View Or Print The Entire Current Issue As A Single Document
Attention Paid-Up Subscribers: To read or print the entire current issue as a single document, use the "easyprint" feature in the "Nav bar" to the right to open it, or any of WOWS' individual features, as an Adobe PDF file, and then print it. Alternatively, you can click "more" at the bottom of this paragraph and then click the red Adobe icon that appears. Your second click will download the full issue .pdf file of WOWS' latest issue to your computer, a process that -- depending on the file size and your connection speed -- might take more than the blink of an eye. Then, depending on preferences you've set on your device, it will either open automatically or show up in your downloads folder, waiting to be opened. [More]
Patient Compounding - Weitz Investment Trio
Wally Weitz and his "Gen 2" on Evolutionary Value Style
Preparing, a couple of weeks ago, to fly out to Omaha to personally participate, for the first time ever — despite my long career in financial journalism — in Warren Buffett’s Woodstock for Capitalists, my thoughts turned to that prairie city’s other legendary value investor (and long-time BRK shareholder), Wally Weitz. 

Knowing that Warren’s every utterance last weekend would be covered like the proverbial blanket — and too old and jaded, anyway, to willingly mix in those scrums, I saw more value, frankly, in asking Wally about the outlook from his perch atop the much more comprehensible Weitz Investment Management, with its some $3 billion under management. And I struck gold. 

Rather than trying to swim against the crowd gathering for the Berkshire festivities, Wally suggested we do a conference call, and include two of his partners, whom he’s come to refer to as “Gen 2.”  Brad Hinton and Wally's son Drew are Weitz’s lead PM’s on its Value, Partners Value and Balanced funds (Brad) and on its Hickory fund (Drew). [More]
Rabid Corporate Bulls
Surveying The Buyback Bubble’s Impact
5/10/19 8:00 AM
By Blaze Tankserley
I wanted to put up a whole slew of charts today. These show the level of shares outstanding for a bunch big names I have been looking through. [More]

Just Run Of The Mill
Why Market Could Plunge 60-65% Without Breaching Norms
5/10/19 7:00 AM
By John Hussman
From September 3, 1929 to July 8, 1932, the Dow Jones Industrial Average fell by -89.2%, though certainly not in one fell-swoop. In fact, the decline known as the “1929 Crash” took the Dow down by an initial -47.9%, setting a trough on November 13, 1929. [More]

Sucker Rally
Short The Semiconductor Stocks
5/10/19 6:00 AM
By Michael Belkin
Global semiconductor sales are down -13% yoy (Semiconductor Industry Association SIA). Semi sales are just four months into a negative yoy collapse similar to that of the 2008 credit crisis or the post-2000 tech bubble collapse (see chart). [More]

On A Wing And A Prayer
A Tough Slog For Developed Markets...
5/10/19 5:00 AM
By Dimitri N Balatsos
Global Growth Faces Headwinds
Global growth has room to run, but the speed will be decidedly slower, averaging 2.5% in 2019 as last year’s tailwinds turn to headwinds this year. Our base case scenario for key economic indicators is shown in Table 2. [More]

Squeeze Play
Squeeze Play Ascending Wedge Pattern In S&P Sending Out Bearish Vibes
5/10/19 8:20 AM
By Ron Griess
Note from KMW: In case you’re not an “old time technician,” here’s a clear explanation of the pattern from Erin Swenlin and her father Carl taken from their DecisionPoint.com website: https://stockcharts.com/articles/decisionpoint/2015/04/whats-the-difference-between-an-ascending-wedge-and-an-ascending-triangle.html

“… Let's look at the bearish ascending wedge. Note that the top trendline is rising. [More]

VIX Breaks Out
More Bearish Index Divergences; Index Triple Tops
5/10/19 7:20 AM
By Andrew Addison
This is the VIX chart that appeared in our March 5th report with the headline “VIX is Bottoming.” I was early, as the VIX declined to 11 before turning higher. We said that “a close above 18 would trigger a Buy.” So triggered. [More]

Semi Sales Plunge
First Quarter Saw 15.5% YOY Drop In Volume
5/10/19 6:20 AM
By The Semiconductor Industry Association
The Semiconductor Industry Association (SIA) today announced worldwide sales of semiconductors totaled $96.8 billion during the first quarter of 2019, a decrease of 15.5 percent over the previous quarter and 13 percent less than the first quarter of 2018. Global sales for the month of March 2019 were $32.3 billion, a dip of 1.8 percent compared to the previous month’s total and 13 percent less than sales from March 2018. [More]

Decision Point
Six Key Market Internals Turn Near-Term Bearish
5/10/19 5:20 AM
By John Kosar
In yesterday’s (May 7th) Special Report, we pointed out that 2 of our Asbury 6 key market internals had turned negative (bearish), and said the remaining 4 were very close to also doing so.

One day later, Table 1 above shows that 5 of our Asbury 6 have now turned negative, leaving only On Balance Volume in the S&P 500 (SPX) in positive territory — and that metric also appears to be on the verge of turning negative. [More]

Jaye Scholl
A Great Colleague, A Great Friend, A Better Person
5/10/19 8:00 AM
By Kate Welling
It felt like I’d encountered a tear in the fabric of the universe when I heard the news that Jaye Scholl had died, suddenly, on Saturday. [More]

The Anadarko Deal
Fodder For Another Book, Or At Least A Tell-All In WOWS?
5/10/19 3:30 AM
Two Quick Things
I’ve enjoyed reading WOWS ever since I joined this firm [Montage Wealth] a few years ago. [More]

Path To Full Employment
Does It Go Through Creation Of Public Service Jobs?
5/10/19 8:00 AM
By L Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina R Tcherneva, and Stephanie A Kelton
Despite headline-grabbing reports of a healthy US labor market, millions of Americans remain unemployed and underemployed. [More]

Can Redistribution Help?
Does < Income Inequality = > Economic Stability
5/10/19 7:00 AM
By Dimitri B Papadimitriou, Michalis Nikiforos, and Gennaro Zezza
Although the ongoing recovery is about to become the longest in the history of the United States, it is also the weakest in postwar history, and as we enter the second quarter of 2019, many clouds have gathered. [More]

Tax Avoidance
New Tax Law Fails To Dent Corporate Tax Dodges
5/10/19 6:00 AM
By Matthew Gardner, Steve Wamhoff, Mary Martellotta, and Lorena Roque
For decades, profitable Fortune 500 companies have manipulated the tax system to avoid paying even a dime in tax on billions of dollars in U.S. [More]

Acute Observations, May 10, 2019
Perceptive Commentary from April 20-May 10, 2019
5/10/19 8:00 AM
Dave Rosenberg
1. The European Commission cut its real GDP growth estimate for this year for the euro area to 1.2% from 1.3%, and to 1.5% for 2020 from 1.6%. At these low levels of growth, even a handful of basis points matter. [More]

© 2017 Welling On Wall Street, LLC.