Investment Commentary

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EFFICIENCY OR RESILIENCE…PERHAPS BOTH

  Shortfalls of numerous products and materials have “thrown sand into the workings of manufacturing” around the world and has led to increases in inflation numbers, upsetting central bankers and…

Private Money…

  Over our nation’s history, we have had private citizens and businesses issue money. For example, in 1830, 90% of the U.S. money supply took the form of private banknotes.…

Alienation…

  U.S. and global economies are evidencing a strong economic recovery unfolding as people around the world get back to work. Data firm IHS Markit recently reported that its April…

Shifting Sands…

  Underfoot there has been something of a shift in investment strategies. So far, it is not huge in scope or long in duration – but it has been noticeable.…

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…

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…

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…

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…

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…

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…
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