Today, as the Biden Administration unleashes the full power of the Federal Government to heal the economy, it is an opportune time to take
Taking Stock of America
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Weekly Market Compass
Siren Songs
The Ever Green fiasco is the perfect metaphor for what can go wrong in today’s economy. Efficienct supply chains lack adequate redundancy.
Market Forecasts vs. Fed Rhetoric
The Fed and the markets are playing risky games. Can each hold its nerve?
Reflation, Rotation and Rebalancing
Reflation and Rotation are all the rage. But over time, re-balancing matters more.
Central Bank Credibility
By tolerating an inflation overshoot, the Fed may be boxing itself in. Fine tuning is the stuff of hubris, and hubris rarely serves anyone
Keep an Eye on What Really Matters
Investors have been unnerved by rising bond yields. But volatility is not the enemy. Keep an eye on what really matters — economic re-opening
Scary Monsters
David Bowie’s ‘Let’s Dance’ may be catchier than ‘Scary Monsters’, but investors would be well advised to watch out for what lurks
How Deep Should Investors Swim?
Swimming against a tide pushed forward by massive policy stimulus seems likely to leave contrarian investors with little to show for their
Democratic Disagreement
Divisions among the Democrats are opening, with potentially profound impacts on a cyclical recovery, inflation, financial markets and longer-term
The Game Stops Here
The GameStop saga is not about altruism or financial democracy, more likely greed and a dollop of vengeance. But lessons ought to be drawn,
An Important Week
A combination of the peak of the 4th quarter earnings season, political wrangling over the Biden Administration’s proposal to stimulate
Doubt is Good
Believing erroneously in certainty is perilous — investors should be wary of certainty’s close cousin, consensus thinking.
Making Sense of the Nonsensical
The past week was marked by shocking images of violent protestors occupying the US Capitol, yet the horror barely registered in financial
Is Good News Bad News?
The key risk to the markets in the year ahead is mistaking good outcomes for good news — the outcomes we all fervently hope to see are,
Investing in 2021: Willful Ignorance or Calculated Risk?
2020 has been a year of calculated risk. But periods of strong returns often spawn complacency and excessive confidence.
Brexit Games
As the final weeks of 2020 wind down, investors should prepare themselves for the United Kingdom crashing out of the European Union in a hard
Eight Reasons to Worry About Inflation
It is time for investors to consider the possibility of rising inflation, which is now more probable than at any time in the past two decades.
Market Outlook 2021 – The Great Rotation
One year ago, if we were told the following twelve months would witness the worst global pandemic since 1918, precipitating the greatest global
Unconventional Wisdom
Promoting recovery with all tools – monetary, fiscal and public health – should be the sole macroeconomic priority of the Biden Administration,
Is it Time for a Full-Fledged Rotation?
Rotation in markets is the next big opportunity. Value has a lot of room to make up for a decade of underperformance. But sometimes it pays
Why Wall Street Likes What It Sees
The 2020 elections may have delivered mixed political messages, but for investors the news is mostly positive. Here are the key take-aways.
A House Divided
Abraham Lincoln said that a house divided cannot stand. So, where does that leave us now?
Win, Lose Or Draw?
In our view, the only unambiguous ‘win’ for risk assets is a ‘blue wave’, where Democrats convincingly win the White House and the
Are Democrats Bad for the Economy?
A common misperception is that Democrats are bad for markets. Such fears find little foundation in fact.