Investment Commentary

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. Growth…

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…

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…

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…
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