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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U.S. Macro Market Outlook: Clouds On The Horizon

On March 10, 2017, 720Global introduced the Trump Range Chart. Developed to see several different markets on one page, this unique chart provides a composite perspective of many instruments at once. Given the large post-election market gyrations across many asset classes, our concern was, and still remains, that those moves…

[VIDEO] The Animated Virtuous Cycle

A short video illustrating economics in plain English Our name, 720Global, is meant to evoke an image of two overlapping individual circles (2 x 360°) in the reader’s mind. The two circles represent what we believe to be the two primary pillars of successful investing – investment valuation and macro-economic…

Investors: Is It Time To Put Risk/Reward Into Perspective?

The Deck is Stacked:  Putting Risk and Reward into Perspective “The individual investor should act consistently as an investor and not as a speculator.” – Ben Graham. We are frequently told that valuation analysis is irrelevant because fundamentals do not signal turning points in markets. Scoffers of valuation analysis are…

Volatility (VIX): A Misleading Measure Of Risk

“History has not dealt kindly with the aftermath of protracted periods of low risk premiums” – Alan Greenspan The ability to see beyond the observable and the probable is the most important and underappreciated characteristic of successful investors. For example, visualize a single domino standing upright. With this limited perspective,…

Investors: How To Play The Game To Win

What Rick Barry and the Atlanta Falcons can teach us about risk management “Something about the crowd transforms the way you think” – Malcolm Gladwell – Revisionist History With 4:45 remaining in Super Bowl LI, Matt Ryan, the Atlanta Falcons quarterback, threw a pass to Julio Jones who made an…

How Passive Investing Is Blowing Market Bubbles…

Almost a year ago, we stumbled upon a topic that is currently generating much discussion in the financial media. In Mm Mm Good, published August 2016, we highlighted the Campbell Soup Company (CPB) and the utility sector to show how yield-starved investors were chasing dividend stocks to dangerously high valuations….

Economics Cheated: The Forgotten Path To Prosperity

The Forgotten Path to Prosperity “The record of history is absolutely crystal clear. There is no alternative way so far discovered of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.” – Milton Friedman Whether…

Echo Chamber: Why The Market’s Optimism Is Misplaced… Again

Echo Chamber Since the U.S. economic recovery from the 2008 financial crisis, institutional economists began each subsequent year outlining their well-paid view of how things will transpire over the course of the coming 12-months. Like a broken record, they have continually over-estimated expectations for growth, inflation, consumer spending and capital…

Villanova versus Kansas: Outcome versus Process Strategies

Outcome versus Process Strategies It is that time of year when the markets play second fiddle to debates about which twelve seed could be this year’s Cinderella in the NCAA basketball tournament. For college basketball fans, this particular time of year has been dubbed March Madness. The widespread popularity of…