Investment Commentary

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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…

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…

Finding A New Way…

Globalization is a corporate strategy born centuries ago. It has had its “ups and downs” over time, falling in and out of favor with strategists. We believe we are starting…

Monetary Mitigation…

In the current environment of social distancing to “bend the curve” of the COVID-19 infection rate, the Fed has “stepped up” to do its job of protecting the U.S. economy…

Pandemic Blues…

They’ll wait it out. Photographer: Brian Bahr/Getty Images North America It has been the fastest “bear market” ever recorded taking the fewest number of days (less than 30) for world…

Shoot First, Then Ask Questions…

More than $4 Trillion (that’s with a T) of market value was stripped from US equities in the space of a week. Such a cascade of selling over such a…

The Start of 2020…

NO RECESSION IS FORECAST FOR THE U.S. ECONOMY Despite the fact that the U.S. has not seen a shrinking economy in over 10 years, setting a new record for expansion,…
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