Financial assets performance Jan 2023 v Jan 2022 – what a difference a year makes, especially after the fastest rate hiking cycle in the history of the Fed. We’re onto... read more →
The long-term growth in money supply (M2) and the long-term level of inflation (CPI) do track together. Money supply over long periods of time has grown about +5%. That level... read more →
In 2022, investors were hyper focused on inflation and the Fed, so much so that bad news (on the economy) was often met with a positive reaction by the stock... read more →
We’ve been talking about weak investor sentiment now dating back to last spring AFTER inflation started rippin’, AFTER the Fed finally awoke from their 2022 winter slumber, AFTER interest rates... read more →
As our Sean Dillon has been saying for a while now, underlying market technicals have dramatically improved since late last spring. The underlying trend and breadth of stocks has shifted... read more →
Another theme we expect to play out in 2023, and possibly beyond, is the outperformance of value stocks over growth stocks.First, let’s get definitions out of the way. As the... read more →
Three things to note on non-USA stocks: After a long and painful period of relative underperformance, non-USA equities relative and absolute level of valuation is very attractive. A weakening US... read more →
One of the major stories – if not THE major story – for the capital markets during 2022 was the overall tardiness of the Fed in responding to rising levels... read more →
The headline jobs number this morning was +223K which was roughly in line with the +200K estimate. Revisions to prior months job gains were relatively minor. Leisure and hospitality industries... read more →
One of the silver linings of the type of volatility that’s occurred over the past year is that it also creates opportunities amidst the carnage. An area that we believe... read more →
