Dog Days

(1) Heat wave. (2) Another summertime crisis in Europe. (3) UK property bubble goes pop. (4) Italy grabs Brexit as a good excuse to bail out banks. (5) Homer’s warning (the Greek, not the Simpson). (6) Consumers dining out less and buying fewer new cars. (7) Consumers’ lament: Kids are too expensive, and the rent is too high. (8) How high is too high for P/Es of Utilities with bond yields under 1.50%? (9) How times have changed: Tech and Health Care valuations look very reasonable.