Baldwin Investment Management
Commentary
Baldwin Investment Management
Mid-Summer Musings…
Two fundamental forces move equity prices – earnings and interest rates. Of course, there can be other influences like politics, pandemics or wars at any particular moment in time which can briefly overwhelm earnings and…
Baldwin Investment Management
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 investors. For example, the semiconductor shortage…
Baldwin Investment Management
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. Canal, turnpike, coal mining, railroad and…
Baldwin Investment Management
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 Services Index for the U.S. rose…
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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 stock investing (typically focused on…
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…
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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…
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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 span of time, about a…
Baldwin Investment Management