6.11.19

Profits not Politics

One wayward tweet can send the markets spiraling in the short term, but RBA knows that in the long term, profits determine the direction of the markets, not politics.  

Download PDF

5.8.19

Duration = Risk

Investors remain fixated on longer-duration bonds even as their risk increases. Duration is a measure of risk and myopically focusing on the long end of the curve while it appears to be significantly overvalued may prove fruitless.

Download PDF

4.8.19

Be your portfolio's designated driver

Investors have remained on the sidelines for most of this 10+ year bull market, yet FOMO is leading many to join the party late. In this late cycle environment, one should consider sobering up before the punch bowl is taken away.

Download PDF

3.14.19

Doomed to repeat the Tech Bubble?

Investors’ current enthusiasm for piling money into next great tech unicorn is ominously reminiscent of March 2000.  Might we be doomed to repeat the Tech Bubble?  

Download PDF

2.12.19

You can lead a horse to water, but you can't make it lend

The Fed’s constant balancing act between easing and tightening monetary policy is intended to influence banks’ lending habits, but as the old axiom goes; you can lead a horse to water, but you can’t make it lend.

Download PDF

1.18.19

Year Ahead: 2019-Part II: Fundamentals Ultimately Rule

We think it’s better to position our portfolios based on 2019 fundamentals than structuring them by looking backward at December 2018’s volatility.

Download PDF

12.11.18

Year Ahead: 2019-Part I: High Anxiety?

Public policy can be corporate-friendly or corporate-unfriendly.  But what if it's corporate-uncertain?  Then investors are faced with volatility.  Part I of our Year Ahead investigates the current corporate-uncertain environment. 

Download PDF

11.16.18

Debt, Deficits, and Decay

The US government's debt problem isn't new.  It has been steadily growing for nearly 40 years, and growing interest expense has secularly weighed down domestic economic growth.  Why has this happened and how do we fix it?

Download PDF