One of my favorite poets, T.S Elliot, wrote in his seminal poem The Dry Salvages (1941), "We had the experience and missed the meaning."[1] It's quite possible we are about to encounter a global event where we might just miss the meaning.
While much of the world debates… More >>
With the Federal Reserve taking extraordinary measures since 2008 to lower interest rates, we know that rates will have to go higher eventually; it’s a question of when and how quickly?
The Fed typically offers vague guidance on future interest rate policy, much like… More >>
I often try to assess whether we are in an equity bubble (unsustainable price valuations on stocks) to add perspective to the allocation work we do at Phillips & Company. This week in Barron's and during a private investment strategy meeting I attended, one of the… More >>
On Thursday, the Fed released its quarterly net worth statistics for American households and nonprofit organizations.[i]
The data suggests that household net worth is now at record levels, over $10 trillion above 2008 levels, thanks to gains from stock, bond, and real… More >>
There is so much going on that a very big event, Facebook’s acquisition of WhatsApp, might get obscured by other news.
Russia invaded the Crimean peninsula of Ukraine. Being a noteworthy topic, there should be plenty of punditry to inform all of us on the significance of… More >>