Risks to equities are improving, and so are prices -- yet stocks are as cheap as ever.

Bonds have mistakenly given up on growth -- but the Fed won't give up on rate hikes.

Stocks are telling us that inflation risk is moderating, rates are rising, and that growth will be steady.

When Greenspan talks, bonds don't listen. Perhaps tomorrow he'll raise his voice.

We aren't buying the stories the "efficient" bond market is telling, and either is Greenspan.

The carry trade with the best mark-to-value and the most valuable optionality is the one that no one is doing.

This month's seemingly strong dollar masks dangerous underlying weakness in Fed policy.

Oil, inflation plays, Social Security, global warming and China.