Posts From Michael Lebowitz

Michael Lebowitz

Michael Lebowitz, CFA is the founder of 720 Global. 720 Global is an investment consultant, specializing in macroeconomic research, valuations, asset allocation, and risk management. 720’s objective is to provide professional investment managers with unique and relevant information that can be incorporated into their investment process to enhance performance and marketing. 720 assists our clients in differentiating themselves from the crowd with a focus on value, performance and a clear, lucid assessment of global market and economic dynamics.

Michael has over 25 years of financial markets experience. In this time he has managed $50 billion+ institutional portfolios as well as sub $1 million individual portfolios. Throughout his career he has been an astute follower of markets and developed a keen sense for the macro factors that drive markets and economies. You can read more about Michael on his website www.720global.com.


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UK Financial Markets: Keep Calm And Carry On?

“Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption.” – Mark Carney, Bank of England Governor In 1939, the British Government, through the Ministry of Information, produced a series of…

Valuation Aberration: “No” Growth Stocks Riding The Bull Wave

In Something Wicked This Way Comes, I provided an in-depth look at how stock repurchases are distorting McDonald’s (MCD) earnings per share and making the company look more profitable than it truly is. When such financial wizardry is considered alongside the growing popularity of passive investment strategies and overall sense…

McDonald’s Stock (MCD): A Bear in a Bull Costume

Something Wicked Comes This Way As Halloween nears, kids are choosing costumes to transform themselves into witches, baseball players and anything else they can imagine. In the spirit of Halloween, we thought it might be an appropriate time to describe the most popular costume on Wall Street, one which many…

FWIW: Saying It Slowly Doesn’t Help

The most fundamental basis for economics is human decision-making. Satisfying needs and wants creates demand. Engaging in a vocation to provide a good or service of value to others generates supply. The intersection of the two is a market. This week we introduce the unique insight of Mark McElroy. Mark…

The Illusion Of Prosperity

For the last 50 years, the consumer, that means you and me, have been the most powerful force driving the U.S. economy. Household spending now accounts for almost 70% of economic growth, about 10% more than it did in 1971. Household spending in the U.S. is also approximately 10-15% higher…

Rewriting History: The Federal Reserve’s Epic Policy Bet

Chasing the Dragon “There is no other agency of government which can overrule actions that we take.” – Alan Greenspan The Federal Reserve (Fed) currently expects real economic growth for the foreseeable future to average below 2.00%. Japan, the United Kingdom, and the European region are forecasting an even more…

Fed Gibberish… And The Federal Reserve’s Dilemma

#FedGibberish Recently on my Twitter feed, @michaellebowitz, I introduced the hashtag #fedgibberish. The purpose was to tag Federal Reserve members’ comments that highlight desperate efforts to rationalize their inane monetary policy in the post-financial crisis era. This past week there were two quotes by Fed members and one by the…

Are U.S. Consumers Getting Exhausted… By Debt?

Consumption Exhaustion When people use the word catalyst to describe an event that may prick the stock market bubble, they usually discuss something singular, unexpected and potentially shocking. The term “black swan” is frequently invoked to describe such an event. In reality, while such an incident may turn the market…

Monetary Stimulus: How Much Is Too Much?

The amount of monetary stimulus increasingly imposed on the financial system creates false signals about the economy’s true growth rate, causing a vast misallocation of capital, impaired productivity and weakened economic activity. To help quantify the amount of stimulus, please consider the graph above. Federal Reserve (Fed) monetary stimulus comes…