In a big November, small caps come up REALLY BIG
As we take pen to paper for this Weekly Wire we have one trading day left in November, and what a November it has been for our country, our economy, and our stock market: We saw our way through the most contested and divisive Presidential…
Considering the long-term economic consequences of COVID-19
COVID-19 is first and foremost a healthcare crisis, and its impact on the world has been devastating. That said, as investors, we must try to determine the long-term economic consequences of the pandemic. Below are some economic developments we think the virus is bringing about…
When it comes to the election, what is the market “pricing in?”
Investors pay attention to the stock market not just because they are investing in it, but because they consider the market one of – if not the most – accurate of all leading indicators. Said differently, the market, in its infinite wisdom, will lead the…
Have we seen this movie before?
Before we dive into the weekly wire there are two BIG disclaimers we need to address. First, we are not determining which political party bears responsibility for the state of fiscal stimulus negotiations. Second, I am a horrible negotiator—be it trying to work out a…
An unsettled world becomes more so
An unsettled world – a pandemic, a contentious election, a strained political and cultural discourse, unrest in our streets – has become more so with news President Trump and First Lady Melania Trump tested positive for COVID-19. We wish them a very speedy recovery and…
Show me the money
You can count us among the world’s cinephiles, with a particular and deep appreciation for the cinematic work of the late, great Burt Reynolds. When it comes to remarkable movies, they all seem to have a few things going for them, including a first-rate cast,…
The bear market goes on…until it doesn’t
When trying to put in perspective the shortest bear market in US history—at least a bear market that saw the S&P 500 Index (S&P 500) sell off 30%+—there are any number of directions one can go. However, I decided to go with the children’s book…
Why planes, trains, and automobiles are worth watching – the index, not the movie
We are big fans of the late director John Hughes. In fact, this is the second Weekly Wire where we have leaned on one of his films – this time it is “Planes, Trains, and Automobiles” – as a means of hopefully making our market…
The US 10-Year Note Yield – the good, the bad, and the (possibly) ugly
The US 10-Year Note is the most important fixed income instrument in the world. Its yield determines the borrowing costs for countries, companies, and consumers while the Note itself acts as a haven asset during periods of market and economic stress. It might be impossible…
What ails “King Dollar”
We live in a world where the US dollar dominates – meaning more trade and financial transactions use it and more are held by global central and commercial banks than any other currency. Simply put, the US dollar is the world’s reserve currency and our…