Perhaps the single most important macro phenomenon of the past several decades is the precipitous decline in the labor share of income.

The greenback fell against the G10 currencies last week but consolidation seemed to be the main feature.

​​​​​​​With risk aversion gathering momentum, deleveraging looms.

While the S&P is still less than 3% off its all time highs, this rotation is about to turn to distribution as a new bear market begins. One major reason is the outperformance of consumer staples.

Yelp operates a leading digital marketplace connecting consumers with local businesses across restaurants, home services, retail, and professional services.