http://www.fxstreet.com/fundamental/analysis-reports/market-comment/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-11-20.htmlWhen making our bearish case for stocks we're amazed at how often our audience brings up the old "cash on the sidelines" argument as a reason to doubt that the current rally can tank. We have been in this business for a while and don't remember a time when this fairy tale wasn't trotted out as a reason to be super bullish. In fact we don't recall any point where observers ever said that the market was going down because there was not enough cash on the sidelines. A relatively recent exampleFri, 20 Nov 2009 07:03:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-11-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-11-13.htmlGovernment Debt could Double While Private Debt could be Cut in Half We believe that U.S. government and private debt levels will diverge over the next four or five years as the authorities attempt to use government debt to replace the private debt that is almost certain to decline substantially. U.S. total debt is presently just under $55 trillion, comprised of public (government) debt of about $15 trillion and private debt (U.S. corporations and individuals) of about $40 trillion. TheFri, 13 Nov 2009 06:15:54 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-11-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-11-06.htmlWe have been saying for some time that the economy will remain weak. The frantic efforts of the federal authorities indicate that they agree. Although the media has been parsing every word of this week's FOMC statement in minute detail, here, without the spin, is all you need to know as quoted directly from the statement.  "Household spending...remains constrained by ongoing job losses, sluggish income growth, lower housing wealth and tight credit. Businesses are still cutting back onFri, 06 Nov 2009 05:52:01 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-30.htmlIf the economic recovery is as solid as the 3rd quarter GDP implies, why are the governmental authorities desperately acting as if it needs more life support? Congress is about to pass an extended version of the first-time home buyers credit in addition to allowing a $6500 credit to current homeowners until next April 30th. The White House is talking about a possible tax credit for companies hiring new employees and has proposed giving every social security recipient $250 to make up for theFri, 30 Oct 2009 06:10:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-23.htmlIn recent weeks we have been pointing to the unsustainability of the economic recovery as a key reason for doubting the surge in stocks since the March lows. In this comment we will show why we believe the market is also considerably overvalued on the basis of earnings. The media, both in print and on TV, rather consistently maintain that the market is either cheap or, at worst, reasonably valued. With consensus 2010 S&P 500 bottom-up operating earnings currently estimated at about $74 (upFri, 23 Oct 2009 06:27:50 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-16.htmlThe Bureau of Labor Statistics (BLS) recently announced that they will be making downward benchmark revisions to past monthly nonfarm employment data that casts doubt on the validity of the recent figures as well. As we will explain, it is highly likely that substantially more jobs are now being lost than is currently reported. The BLS makes annual revisions to the previously announced payroll reports to account for job increases or decreases that were not picked up in the initial data. TheFri, 16 Oct 2009 07:11:38 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-09.htmlUnder the cover of an exuberant stock market the real economy continues to scrape along the bottom despite unprecedented monetary and fiscal stimulation provided by the Fed and the administration. Today's release of September chain store sales is a case in point. A tiny year-over-year increase of 0.1% was widely hailed as a return of consumer spending despite the advent of easier comparisons with the prior year and a late Labor Day holiday that shifted some back-to-school spending intoFri, 09 Oct 2009 05:32:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-09-25.htmlAlthough the economy has shown signs of a "technical" (as Bernanke put it) recovery, it has been overly dependent on Government stimulation, and is likely to weaken again as stimulation is wound down. While everyone is debating the timing and extent of the withdrawal of stimulation, it is clear that a number of major programs that have propped up the economy have either ended or are scheduled to end soon. Without these programs sustainable growth is not likely as consumer spending, whichFri, 25 Sep 2009 06:17:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-09-25.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-09-18.htmlEarlier this week the Treasury Department announced that since the financial emergency was over and the financial system had stabilized, they were removing some crisis-related programs and going on to a new phase. As the Treasury's press release put it, they were moving "from rescuing the economy to repairing and rebuilding the foundation for future growth". While it's true that the Treasury together with the Fed helped avoid a systemic collapse of the economy and financial system, the pressFri, 18 Sep 2009 10:43:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-09-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-09-11.htmlIn recent comments we have detailed our views on why we believe the economy will remain weak after a temporary uptick due to potential inventory accumulation, the cash for clunkers program and the first-time homebuyers' tax credit. Our reasons include the need for consumer deleveraging of debt, the fragile financial system, tight credit conditions, rising unemployment and the likelihood of a continuing drop in housing prices. Simply put, we cannot get a sustainable recovery without growth inFri, 11 Sep 2009 05:35:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-09-11.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-28.htmlThe widely hailed economic recovery is built on a foundation of quicksand. The impending rise in third quarter GDP is based on massive government spending, a slowdown in the inventory deceleration, the cash for clunkers program and some misleading housing numbers. At the same time the most important drivers of a sustained recovery such as robust consumer spending, rising real wages and a real housing recovery, the necessary drivers of an economic upturn, are all missing from the recipe.Fri, 28 Aug 2009 07:18:21 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-21.htmlThe current and prospective foreclosure rate on residential mortgages is one of a number of factors threatening to undermine the economy just as various stimulative measures are about to run out. A report issued by the Mortgage Bankers Association for the second quarter indicated that the share of overdue mortgage loans rose to a record-high 9.24% of all mortgages, from 9.12% in the first quarter and 6.41% a year earlier. The number of homes already in foreclosure was 4.3% of all loans, theFri, 21 Aug 2009 06:41:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-14.htmlAlthough GDP in the current quarter will probably be up, the chances for a typical V-shaped recovery are exceedingly slim. First, positive GDP quarters during recessions are not unusual, and have occurred in six of the ten post-war recessions prior to this one. Second, even if the current quarter proves to be the statistical end of the recession the ensuing recovery is likely to be so weak that it will hardly be visible to the naked eye. Third, the uptick in the current quarter will be aFri, 14 Aug 2009 05:39:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-07.htmlWe are in the process of deleveraging the most leveraged economy in history. Many investors look at this deleveraging as a positive for the United States. We, on the other hand, look at this deleveraging as a major negative that will weigh on the economy for years to come and we could wind up with a lost couple of decades just as Japan experienced over the past 20 years. It is true that Japan didn't act as quickly as we did but our debt ratio presently is much worse than Japan's debt ratiosFri, 07 Aug 2009 06:06:34 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-08-07.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-31.htmlThe stock market rally has now reached a point where it is forecasting a V-shaped recovery that is not likely to happen. The recent catalyst for all of this optimism is a bullish interpretation of current economic activity, some apparent stabilization in the housing market and various companies beating earnings estimates. Also not to be overlooked is the perceived strength of the Chinese economy that is affecting global growth and the upward move in some basic commodities. We think that all ofFri, 31 Jul 2009 07:01:42 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-31.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-24.htmlAlthough the potential head and shoulders top we thought we sighted two weeks has been obliterated, we feel strongly that the tailwinds propelling the market will soon be over whelmed by the significant headwinds working against it. Since the March bottom the market has been sparked by the following. First, the global financial and economic system did not collapse. Second, the worst of the economic free-fall is over, and the economy is showing signs of stabilization. Third, second-quarterFri, 24 Jul 2009 06:31:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-17.htmlSix weeks ago we wrote a comment titled "Less Bad is Not Good Enough", meaning the worst is over, but that recovery was some time off. We also mentioned numerous times that the massive stimulative actions undertaken by the Fed and the White House had averted a global financial and economic collapse, but that the deep and prolonged recession would have to run its course. We also stated our view that the recovery would be extremely subdued as a result of the poor financial state of consumers andFri, 17 Jul 2009 06:58:31 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-10.htmlIn our view the bear market rally has ended and a renewed downleg is underway. In our comment of March 12 we said that the market was very oversold with record negative sentiment on some indicators. We noted that this could produce a counter-trend rally of 20-to-25% at any time. Three days earlier on the very day of the market bottom at 666, we said the same thing on Bloomberg TV. (Please see archives for comment with a link to youtube showing our appearance). The rally actually exceeded ourFri, 10 Jul 2009 07:17:38 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-07-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-26.htmlThe term "green shoots" appears destined to go down in history with other unfortunate themes such as "a goldilocks economy"; "it doesn't matter if internet companies have no earnings"; "high P/E ratios don't matter"; "subprime loans aren't important"; "foreign economies have decoupled from the U.S."; "there's plenty of liquidity"; and the classic "home prices never go down". Whenever a herd of investors latches on to a popular theme, that theme most often proves to be wrong. So far the "greenFri, 26 Jun 2009 06:14:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-19.htmlWe are surprised to see so many analysts and portfolio managers discussing the first quarter's earnings for the S&P 500. Almost everyone believes that the earnings have come in above the forecasts and the only disappointment came from revenue shortfalls. We wrote a report on April 16th (the beginning of 2009 first quarter earnings announcements) about a discussion in the Wall Street Journal on whether the $13 of estimated "operating" earnings for the first quarter would hold up. WeFri, 19 Jun 2009 06:08:32 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-12.htmlA looming rise in foreclosures is likely to keep home prices under continuing pressure and smother the so-called green shoots that have been boosting the stock market. Although new foreclosures in May were down 6% from April, it was still the third worst month on record and the third in a row with over 300,000 new filings. Foreclosures were also up 18% from a year earlier. Furthermore RealityTrac expects activity to spike in the coming months as foreclosure delays and moratoria implemented aFri, 12 Jun 2009 05:41:16 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-05.htmlSurvival is not Recovery Although the pace of economic decline has slowed, the economy is still falling-and merely "less bad" is not good enough to justify the robust stock market rally of the last few months. When the massive fiscal and monetary stimulus started last fall, we stated in our comments that the program would probably prevent a systemic collapse of the global financial and economic system, but would not prevent a long and deep recession. In our view that is turning out to be theFri, 05 Jun 2009 06:56:53 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-06-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-29.htmlIt's springtime and once again the prognosticators are trumpeting the end of the housing problems. While it does seems likely that both new and existing home sales are bumping along the bottom, it appears to us that there is still a lot of trouble ahead with negative consequences for financial institutions and the broader economy. This is far from the first time we have disputed the consensus on the housing market, and we have clearly been right. Please see our archives for December 22, 2005Fri, 29 May 2009 05:52:14 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-22.htmlWe have criticized the Fed many times in these comments about not being able to recognize the bubbles in both stocks and housing that should have been so clear to investors. When a fairly flat line, (moving around the mean by a couple of standard deviations) for many decades then rises about 4 to 5 standard deviations in just three to four years, you should be concerned about a possible bubble. Furthermore, when at the same time the asset category rises to valuation levels which have neverFri, 22 May 2009 06:59:53 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-15.htmlWe wrote this comment one year ago (May 15, 2008). At that time the Dow was close to 13,000 and the S&P 500 was trading at 1425 and was breaking out through resistance. Many economists were backing away from their recession forecasts due to stronger than expected economic releases during early May (called "Green Shoots" today). After that comment was written the market rose to 1426 the next day before dropping sharply for the next 10 months. You will see how many of the headwinds mentionedFri, 15 May 2009 08:08:05 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-08.htmlHere We Go Again--They Never Learn We seem to have a plethora of "green shoots" that we can all point to that indicate greener pastures for the economy and the stock market and we sincerely hope that they turn into the flowers everyone expects. However, we have to look at things as realistically as we can, and have in the past, when we were concerned about the dot com mania in the late 1990s and when we were concerned about the housing bubble from 2003 through 2007. The only thing that madeFri, 08 May 2009 07:10:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-01.htmlIn last week's comment we discussed at length the problems of the apartment and retail sectors of commercial real estate. We ended the report by stating that the other categories of commercial real estate were also having very difficult times. We just received the latest numbers from Ned Davis Research (NDR) for all segments of the market for the first quarter of 2009---the industrial, office, and hotel segments are just as onerous as retail and apartments. Ned Davis sourced the NCREIFFri, 01 May 2009 07:15:46 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-05-01.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-24.htmlAlthough we have discussed commercial real estate many times in our comments over the past few years, we have never devoted the whole comment on the subject. However, we are so concerned about the health of this segment of the economy we thought we should fully address it. The commercial real estate market has already dropped by about 16% since late 2007 and we expect it to continue declining throughout 2009 and probably well into 2010. Commercial real estate is very dependent upon employmentFri, 24 Apr 2009 06:40:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-17.htmlThere was sort of a debate recently in the Wall Street Journal about whether the first quarter earnings of the S&P 500 would achieve the current estimates of $13 per share for "operating earnings" (bottom up). We are sure that you know what our criticism of this number will be, and we will not give up discussing this until most of Wall Street starts using a more realistic measurement. Naturally, we believe they should be debating what the "reported earnings" will be in the first quarter ofFri, 17 Apr 2009 06:01:46 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-10.htmlDue to the holidays, this will be a brief comment. We continue to view the current strength as a classic bear market rally typical of prior periods. Even the 1929-1932 market that declined 89% had at least five strong counter-trend rallies. The rally has taken place directly off a March 9 S&P 500 low of 666 without the retest that typically occurs at major bottoms. At the very least a retest of that low is a high probability, and it could very well fail. Furthermore the fundamentalFri, 10 Apr 2009 05:40:06 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-03.htmlWe were surprised to see that President Barack Obama seemed to have so much confidence in what the "blue chip economists" were predicting over the next ten years, and criticized him in last week's comment. This weekend, Obama's presidential election opponent was interviewed on Meet the Press, and in a discussion about the public's anger regarding the financial mess we are in, said he is calling for a "select committee" of Congress to find out what happened. Mr. McCain said that the "selectFri, 03 Apr 2009 05:41:24 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-04-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-27.htmlAlthough we have great respect for President Obama's intelligence and eloquence, solving the current financial and economic problems may well be beyond the capability of anyone to solve. At Tuesday's prime-time press conference the President used the word "persistence", and this happens to be one of our favorite words. However, we think he will really have to be incredibly persistent in order to accomplish his goals. Although, for the good of the country and the world we wish him success, itFri, 27 Mar 2009 05:44:12 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-27.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-20.htmlOn March 9th of this year we were on Bloomberg TV discussing why we thought the stock market could rise anywhere from 20-25% because it was more oversold that it had ever been since the Great Depression, and the sentiment was at record bearish levels (to view click http://www.youtube.com/watch?v=HlkPJBapf60). The S&P 500 at 670 was 35% below the 200 Day Moving Average --showing an extreme oversold condition, and the American Association of Individual Investors showed a record of 70%Fri, 20 Mar 2009 05:31:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-13.htmlWe try not to get more bearish as the stock market continues to decline, but as the U.S. and world economies continue to implode it is difficult not to do so. However, getting more bearish as the market is getting more attractive makes no sense. Also, the market is very oversold with record negative sentiment in some indicators. This could produce a counter trend rally of as much as 20-25% at any time. We are not saying this because of the market rally this week-we were on Bloomberg TV MondayFri, 13 Mar 2009 06:01:14 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-06.htmlRecent protestations to "Buy American" are more evidence that we are entering the "Beggar-Thy-Neighbor" phase of "The Cycle of Deflation" (see attachment). On January 15th we posted a comment titled "Market's Readjustments Now Taking Place is Normal" with the subtitle "Competitive Devaluations and Beggar-Thy- Neighbor Policies". Beggar-Thy-Neighbor essentially means using whatever means available to enhance a nations' exports at the expense of their trading partners. It also includes limitingFri, 06 Mar 2009 05:48:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-03-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-27.v02.htmlWhile investors are correctly paying a lot of attention to the programs being put out by the White house this week, just under the radar is the rapidly developing Eastern European situation that is threatening to exacerbate the world banking crisis. Last week Moody's rattled the markets a bit when it said it was considering downgrading a number of European banks because of severe problems with their loans to Eastern Europe. The concern immediately faded to the background, however, as it wasFri, 27 Feb 2009 05:53:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-27.v02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-20.htmlSince 1996, we have been discussing why the economic strength over the past 13 years was a mirage. We couldn't get over the rise in total debt relative to GDP which just so happened to explode coincident with the greatest financial mania of all time in the late 1990s. In fact, we were so frustrated with the financial and economic environment we stopped charging for our research at the beginning of 2000 and started posting our comments on this same website free of charge. It seemed that we wereFri, 20 Feb 2009 07:22:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-13.htmlTonight (Thursday) CBNC will air a documentary entitled "House of Cards", a summary as to what went wrong with the economy and credit system. In our view it would have been far more useful to have warned about the calamity a few years ago, as we at Comstock have consistently done in our weekly commentaries. In fact, on two occasions--February 10, 2004 and August 16, 2007--we called the economy a "House of Cards". Don't get us wrong--we're not singling out CNBC. The immense problems now facingFri, 13 Feb 2009 06:10:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-06.htmlWe believe that stocks will not begin a new bull market until valuations decline to levels reached at the bottom of past secular bear markets. In order to be able to make such comparisons, the method of tracking corporate earnings at this time must be consistent with the methods of previous periods. At the risk of "beating a dead horse" we are incredulous as to why Comstock seems to be the only ones that are of the opinion that Wall Street is getting it wrong again by focusing on "operating"Fri, 06 Feb 2009 05:50:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-02-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-01-30.htmlComstock Partners Long-Standing Bearish Bets Paid Off Big Last Year That last year was murder on portfolio managers (and their clients) is not news. But that a mutual fund, albeit one long run more like a hedge fund and only $70 million in size, managed to navigate its way through 2008 and end UP just shy of 55% is news. News that theWall Street Journal’s quarterly mutual fund extravaganza last Monday for some curious reason chose to bury in its acres of tables — while crowning a fund thatFri, 30 Jan 2009 06:00:29 GMThttp://www.fxstreet.com/fundamental/analysis-reports/info@comstockfunds.com (Comstock Partners Inc.)http://www.fxstreet.com/fundamental/analysis-reports/market-comment/2009-01-30.html