Green Book May 1988
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Featured Articles
April: A Good Month If You Like to Watch the Paint Dry
How dull can a market get? In April, nobody wanted to buy stocks and nobody wanted to sell, at least nobody but the program gang and dividend passers.
Bond Market Summary
The first week of April brought a lethargic rally in T-bonds, but prices faded fast around mid-month, stabilized for a week and then sold off again at month end.
Joke of the Month
Walter Deemer came through with an old economist joke with a new twist. Unfortunately, nobody in the office laughed. The winner is an Ole & Lena joke courtesy of Dick Perkins of Perkins Capital Management.
Scanning the Markets
It was a very dull month in our world of sectors, just as it was for the stock market as a whole.
The Historical Relationship of Bond Yields to Stock Yields
This is the first of our studies presenting historical relationships between stock market valuations and bond yields. Herein we compare bond yields to common stock dividend yields in terms of a ratio.
The Price of High Risk Debt
Have we entered an age of interest rate discontinuity, where past interest rate history has no meaning? Are the current high rates merely a long-lasting hangover from the high inflation of the late 1970’s and early 1980’s? Is it a matter of there being too much of a demand for dollars and not enough supply? NO!
View from the North Country
U.S. Politics and Fiscal Responsibility…The Japanese Stock Market…Aussie Bond Update
Table of Contents
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
At Random
April: A Good Month If You Like to Watch the Paint Dry
How dull can a market get? In April, nobody wanted to buy stocks and nobody wanted to sell, at least nobody but the program gang and dividend passers.
Bond Market Summary
The first week of April brought a lethargic rally in T-bonds, but prices faded fast around mid-month, stabilized for a week and then sold off again at month end.
Joke of the Month
Walter Deemer came through with an old economist joke with a new twist. Unfortunately, nobody in the office laughed. The winner is an Ole & Lena joke courtesy of Dick Perkins of Perkins Capital Management.
Scanning the Markets
It was a very dull month in our world of sectors, just as it was for the stock market as a whole.
The Historical Relationship of Bond Yields to Stock Yields
This is the first of our studies presenting historical relationships between stock market valuations and bond yields. Herein we compare bond yields to common stock dividend yields in terms of a ratio.
The Price of High Risk Debt
Have we entered an age of interest rate discontinuity, where past interest rate history has no meaning? Are the current high rates merely a long-lasting hangover from the high inflation of the late 1970’s and early 1980’s? Is it a matter of there being too much of a demand for dollars and not enough supply? NO!
View from the North Country
U.S. Politics and Fiscal Responsibility…The Japanese Stock Market…Aussie Bond Update
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
March 2026 Issue
Featured Articles
Sector Navigator
March 2026 Issue
