Baldwin Investment Management
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Baldwin Investment Management
Demand Pull or Supply Push…
Inflation is again becoming a topic of conversation in the markets – especially the bond market. Already bond yields have risen some 40 basis points (BPS) on the 10-year Treasury since year end 2020. Those…
Baldwin Investment Management
Consumption…
We have mentioned in the past that the U.S. economy is largely driven by the U.S. consumer. To refresh memories and to help visualize our point, please look at the chart below. Chart 1 As…
Baldwin Investment Management
Believe in Miracles…
The year 2020 will probably be recounted by financial historians as a time of tremendous emotional distress, economic resilience and market surprise. Also, this turbulence happened in a very compressed span of time, about a…
Baldwin Investment Management
Seek Near and Far…
We have argued for quite some time that equities around the world were and still are “the only game in town” when compared to other “mainstream” competitive investments. Bonds are extremely expensive with interest rates…
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Greener Shoots…
We just saw a report from the federal government that Q3 GDP growth was in excess of 33% on an annualized basis. That is certainly “very sporty” growth for such a large and mature economy…
Baldwin Investment Management
Fret Not Political Winds (Or Change)…
From here to election day, there will be a lot of ink spilled and breathless chatter about politics. The airwaves will be filled with “sloganeering” and vituperative attacks on serious and non-sensical issues alike. We…
Baldwin Investment Management
Two Measures…
We have commented in the past about how unloved the stock market’s rally has been since 2009. “Walls of worry” have been climbed by some investors (i.e. those who kept “the faith”) as setbacks in…
Baldwin Investment Management
Better, Better…
Things are better. The economy is better around the world than it was in March or April. According to the IHS Markit Flash G4 PMI output index for June, the economic output score for the…
Baldwin Investment Management