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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]
Head Fake Rally
Pamela Rosenau Warns of Higher Rates, Inflation, Labor Strife
The best way for me to introduce this issue’s featured interviewee is with some unusually full disclosure. Pamela Rosenau, the managing director and chief equity market strategist at HighTower Advisors and chief investment officer at the Rosenau Group — she whose arresting portrait graces this page — is far more than a friend whom I’m happy to claim. 

I must disclose that Pamela manages a very substantial chunk of my retirement (what’s that?) assets — with her team at the Rosenau Group. Has done so since 2013. [More]
Hey, Carrie Ann
A Letter To A Prospective Credit Investor
2/22/19 8:00 AM
By David Edington
Hi Carrie-Ann,
I understand that you are considering this strategy, and that you are perhaps in the final stage of making a decision. So, I thought I would send you this short note to explain why I LOVE this trade so much. [More]

What, Me Worry?
Reasons Aplenty For Caution On Credit
2/22/19 7:00 AM
By Paul Westhead
Trade wars, government shutdown(s), Brexit, China slowdown, record corporate debt with the weakest covenants…but the Fed’s on hold (for now)…so what, me worry?...just buy the dips.

Over the last few years, the credit markets have experienced a number of dress rehearsals for what a full credit cycle might look like, but the last few months in 2018 were particularly nasty. [More]

The QT Endgame
Expect Its End This Year; Fed May Twist To Treasuries From MBS
2/22/19 6:00 AM
By Will Denyer
Lael Brainard, a voting member of the FOMC, said yesterday that the Federal Reserve should quit shrinking its balance sheet later this year. This was the clearest indication yet that the U.S. [More]

Basic Industry Gains
Accumulate Emerging Leaders On Weakness
2/22/19 9:01 AM
By Blaze Tankersley
The message in BHP is worth thinking about, it held up so well in the market turmoil and now breaks to fresh weekly highs, impressive in how it unfolded in light of the extensive global equity weakness we just saw.

We expect some consolidation against the SPX 2800 level because in aggregate that’s where you are going to find breakout levels in the average stock. [More]

Taking Golden Profits
Turning to China For Technology Investments
2/22/19 8:01 AM
By Andrew Addison
Gold’s weekly “closing” chart shows that it is approaching strong 5-year trendline resistance. Closing resistance begins at 1350 and intensifies into 1365-1370. [More]

Growing Strength
Overbought Readings Point To Strong Bull Move
2/22/19 7:01 AM
By Gail Dudack
Technicals continue to strengthen and the 200-day MA’s have been exceeded in all three main indices. The Russell 2000 index is still trading below its 200-day MA; and though this index is the best performing index year-to-date, it also fell the hardest in the fourth quarter of 2018. [More]

Who Is On Other Side?
You Need Good BAIT to Land A Winner
2/22/19 8:00 AM
By Michael J Maouboussin
If you buy or sell a security and expect an excess return, you should have a good answer to the question “Who is on the other side?” In effect, you are specifying the source of your advantage, or edge. [More]

Facebook & Antitrust
Pervasive Surveillance Despite Consumers’ Wishes For Privacy
2/22/19 7:00 AM
By Dina Srinivasan
The Facebook, Inc (“Facebook”) social network, this era’s new communications service, plays an important role in the lives of 2+ billion people across the world. [More]

Mutual Fund Portfolios
Where Are The Real Value Funds?
2/22/19 6:00 AM
By Martin Lettau, Sydney C Ludvigson, Paulo Manoel
This paper provides a comprehensive analysis of portfolios of active mutual funds, ETFs and hedge funds through the lens of risk (anomaly) factors. [More]

Warped Capital
Inclusion In Benchmarks Results In Subsidies From Asset Managers
2/22/19 5:00 AM
By Anil K Kashyap, Natalia Kovrijnykh, Jian Li, Anna Pavlova
We study the impact of evaluating the performance of asset managers relative to a benchmark portfolio on firms’ investment, merger and IPO decisions. [More]

Twisted Research
How a Bogus Paper Gutted Workers’ Rights
2/22/19 4:00 AM
By Servaas Storm
It is often argued that strong labor protections for ordinary workers represent “luxuries developing countries cannot afford.” The idea is that laws governing wages and working conditions or facilitating collective bargaining must raise labor costs and prices, hence bring damage to business profits and firm investment, and in so doing destroy the exact jobs they were intended to protect. [More]

Trump’s Swamp
At Least 33 Former Administration Officials Found Lobbying DC
2/22/19 3:00 AM
By Derek Kravitz
It’s been more than two years since President Donald Trump, who rallied campaign supporters with calls to “drain the swamp” of lobbyists and their ilk, took office. [More]

Acute Observations, February 22, 2019
Perceptive Commentary from February 1-22, 2019
2/02/19 8:00 AM
Zanny Minton Beddoes
Our cover argues that President Xi Jinping should reform China’s economy — both to calm the trade war with America and to make his country richer. After decades of economic progress, growth is slowing, the private sector is stifled by state-owned enterprises, the working-age population is shrinking and debt has surged. Meanwhile other countries complain that state-capitalism makes China a bad economic actor and a security threat. [More]

© 2017 Welling On Wall Street, LLC.