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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Ever-Accumulating Debt & Trade Deficits: Triffin Warned Us

Trade negotiations and threatening global tariff volleys are contributing to significant volatility in the financial markets. Although applicable in many ways, the Smoot-Hawley protectionist act of 1930 is unfairly emphasized as the primary point of reference for understanding current events. In 1944, an historic agreement was forged amongst global leaders…

An Interview with Value Investor Eric Cinnamond

“Instead of relying on central banks as the foundation of my risk mitigation strategy, I plan to remain committed to my absolute return process and discipline.” –Eric Cinnamond The world’s oldest investment philosophy, buy low and sell high, is not only the most logical but it is also most neglected…

What Lies Beneath: Are Investors Ignoring Market Risks?

In early February, the financial markets experienced some turmoil. Volatility spiked, stocks sold off roughly 10 percent and credit spreads widened. These were strange events given that over the prior 15 months the total return for the S&P 500 was positive each and every month. From November 2016 through January…

Sovereign Debt Stew: U.S. Treasuries Are Not Without Risk

The Earth is flat Cigarettes are healthy Leeches are the cure for everything The universe revolves around the Earth California is an island Red wine is healthy, unhealthy, healthy… Facts are essential as they offer humans a sense of stability in a chaotic world. For instance, we find comfort in…

Investors Better Buckle Up, There’s Turbulence Ahead

U.S. Treasury securities across the maturity spectrum are reaching yield resistance levels that have proven for decades to be extremely valuable to investors engaged in technical analysis. I believe it is possible the reaction of interest rates to these resistance levels will hold important clues about future economic activity and…

Investors At Important Crossroads: BTFD or STFR?

“Stability breeds instability.” – Hyman Minsky The answer to the title of this article, the polite version of which is “Buy The Dip or Sell The Rally”, may well be the most important question facing stock investors this year and possibly for years to come. The bull market, now almost…

10 Year Investing Outlook for Stocks and Bonds: What To Own?

Imagine a world with two investment options, apples and oranges. Investors are best served to reduce their holdings of apples and to replace them with oranges when demand for apples drives the price too high. The simple logic in this example is applicable across the full spectrum of economics, and…

Debt Hangover: Here’s Why Deficits Do Matter

The Federal Reserve (Fed) has increased the Fed Funds rate by 125 basis points or 1.25% since 2015, which had little effect on bonds until recently. Of late, however, yields on longer-maturity bonds have begun to rise, contributing to anxiety in the equity markets. The current narrative from Wall Street…

Buy and Hold? Try These Investing Strategies For 2018 & Beyond

Most investors, knowingly or not, rely on long-only, passive strategies. They may shift holdings between stocks, bonds, and cash at various intervals, but generally, their portfolio returns mimic those of well-known stock and bond indices. A recent graph from Goldman Sachs, as shown below, serves as a prescient reminder that…