The Third Mandate

(1) More fuel for the melt-up. (2) Financial stability is the third mandate. (3) Putting odds on Nirvana, melt-up, or meltdown. (4) The S&P 500’s Price/Sales (a weekly version of Buffett Ratio) is in outer space. (5) Nose-bleed valuations unless Trump can boost earnings. (6) The melt-up mechanism may be in gear. (7) Stock buybacks plus equity ETF inflows are boosting stock prices. (8) Passive is the new active. (9) Valuation-dependent: Fed officials saying market is “a little rich” and “a little frothy.” (10) Dudley wants to add more fruit juice to the punch bowl. (11) Keep drinking for now; even fruit punch can cause a sugar high. (12) Movie Review: “The Zookeeper’s Wife” (+ +).