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 →
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 →
We’ll be putting out a list this week of our major investment themes for 2023 and beyond. Theme #1 is the abnormal, low, weak level of investor sentiment as we... read more →
Here’s the report card on capital market asset classes for 2022: What worked: very, very little. Oil (either flavor, brent or WTI), energy equities, MLPs, and silver was up modestly.... read more →
Whenever Fed chair Powell goes in front of a microphone or a podium, I get slightly nauseous. Powell never misses an opportunity to miss an opportunity. Powell’s pledge yesterday to... read more →
The broad market backdrop continues to play out as we await the Fed’s 50bps rate hike on Wednesday. Inflation is elevated but coming down very quickly. The US economy is... read more →
Market convention is to quote the shape of the UST yield curve by looking at 10Y UST v 2Y UST. Every bond trader and bond trading desk does it and... read more →
