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…
We’ve got Georgia on our minds
When one thinks of the great state of Georgia, one often thinks of the classic tune, “Georgia On My Mind,” and the late, great Ray Charles, who first recorded it in 1960 and made it famous around the world. The song became so identified with…
The (presumed) policy implications of 11/3/2020
While we won’t know for sure which party will control the US Senate through 2022 until Georgia decides both of its US Senate elections via a January 5, 2021 runoff, we are comfortable assuming the United States will face a divided government the next two…
For the market, an unpleasant, but not unexpected, September and October
We just closed the books on a tough two months for the market, with the S&P 500 Index (S&P 500) off 3.8% in September and off 2.8% in October. If we consider a very strong July and August for equities, the COVID-19 pandemic, and the…
Something worth paying attention to other than the election
What – other than the election – should be commanding investor attention these days? Our vote would be the bond market. To help put politics and the bond market in the same neat little box, we turn to renowned political consultant James Carville, who in…
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…
The election, the markets, and the economy: you’ve got questions, we’ve got answers
While (we hope) the Weekly Wire is timely, relevant, and entertaining, it also tends to be both a bit backwards looking—focused on analyzing and understanding a market or economic event that has happened—with the week’s narrative starting and ending on that particular page. Well, in…