Twin Peaks?
Some of us recall David Lynch’s groundbreaking television series Twin Peaks, which premiered on ABC on April 8, 1990, and ran for two seasons until its cancellation in 1991. Though the series was short-lived, it has achieved cult-like status due to its innovative mix of…
As The US Economy Stepped Back, The US Consumer Stepped Up
One of the more widely discussed data points last week will likely be one of the more widely discussed data points this week. That is, per the Bureau of Economic Analysis, the US GDP shrank by 1.4% on a real or inflation-adjusted basis in the…
You Have To Spend Money To Make Money
It can be difficult identifying an economic, market, or policy topic to write about weekly that we think will be one that is both of interest to our readers and one that we are comfortable addressing. That has been less of a challenge of late,…
Markets and Geo-Politics
Coming into 2022, many investors felt global markets were poised to deliver strong relative returns compared to the US market. At the risk of oversimplifying the narrative in support of non-US equities, we think this line of argument rested on three primary pillars: 1) US…
Has the Yield Curve Flattened or Steepened? Yes. Wait, What?
With Russia’s invasion of Ukraine pushing commodity prices higher, snarling already strained global supply chains and weighing on sentiment – all while inflation sits at historically high levels and the Federal Reserve has begun to tighten monetary policy (see last week’s FOMC meeting where the…
The Difference A Day Makes
As investors, we understand and accept – even if we don’t like it – that volatility and risk are part and parcel of investing, that markets often go down, and sometimes sharply, and that the potential loss of capital is the financial – and emotional…
The Upside of a Drawdown
Market volatility is often a catalyst for ill-timed trading decisions by investors who seek to take a long- erm view of things but find their good intentions and thoughtful plans overwhelmed by angst and anxiety. So, as we continue to navigate a very bumpy 2022,…
Apologies to Madonna…..We are Living in a Nominal World
I have come to appreciate that the older I get, the less my pop culture references resonate. With that written, I am working off the assumption that everyone reading this knows who Madonna is (and, truth be told, if you don’t, I prefer not knowing)….
Growth & Value…Neck & Neck In 2021; Not So Much In 2022
In August 2021, we looked at the year-to-date performance of growth and value stocks (see the Weekly Wire above), noting the Russell 3000 Growth Index and Russell 3000 Value Index were setting up for a 2021 photo finish, with the former up 15.4% and the…
Can the Fed Stick the Landing?
The Federal Reserve has a dual mandate; full employment and price stability—which, if you think about it, is a tricky thing to solve for. If everyone who wants a job has a job, there is likely to be ample demand for labor, pushing up wages…