Price -Usually- Cures Price
Among the bits of wisdom I first received as a young analyst was from a commodities trader who told me, “Price cures price.” Meaning when the price of a commodity had plunged, producers would likely curtail production of that commodity as it was no longer…
Laverne & Shirley; Jordan & Pippen; Earnings & Interest Rates
History is full of great duos, both fictional – Cagney & Lacey, Holmes & Watson – and real – Venus & Serena, Sonny & Cher. When it comes to investing, we have our own great duo, a pairing that more than any other determines the…
Something to Celebrate
We hope you all had a fun and safe 4th of July! And while not wanting to take away from the celebration of our nation’s birthday, we think now is a great time to celebrate a remarkable second quarter for the markets. Consider that during…
Inflation Expectations Are Up Greatly, But Aren’t So Great
There are lots of ways to think about and measure inflation. We come back to inflation again this week as we continue to believe inflation – and its potential impact on monetary policy – remain the greatest points of concern for investors today. Among the…
Who Let The Hawks Out?
Maybe the only thing catchier than the 2000 dance hit “Who let the dogs out?” from the Baha Men was the parody of the song that same year, “Who let the Mets out?” Yup, for those of you who weren’t in NYC at the time…
Another Sip Of JOLT(S)
“All the sugar, and twice the caffeine.” Those of us of a certain age will recognize immediately the iconic tagline of JOLT Cola. And while we haven’t had a can of JOLT Cola in years (fortunately, or unfortunately, depending on how one feels about highly…
The U.S.A. Is Atypical
The recovery of the U.S. economy from its coronavirus-driven downturn has been, we think, remarkable. Consider that the unemployment rate has fallen from a peak of 14.8% to 5.8%; weekly jobless claims have fallen from a peak of 6.1 million to 385,000; and total employment…
Doing More with Less, a Lot More
For as big, complex, and dynamic as the U.S. economy is, the formula for measuring and understanding its growth is straightforward: Economic growth is driven by growth in the size of the workforce and/or growth in productivity of that workforce (output per hour worked). While…