Archives for October, 2022

  1. October 31, 2022

    At Phillips & Company we interact with thousands of clients each year. The data points we gather by listening are incredibly powerful. It’s not infrequent at this stage in an economic cycle, especially with the massive drawdown in portfolios, that clients ask why we… More >>

  2. October 24, 2022

    It’s a difficult task as an investor to allocate capital when we are in the midst of so much interest rate uncertainty. The formula is pretty straight forward for equity investors. We want a premium return over the risk-free rate (10-year Treasury). Everyone might want… More >>

  3. October 17, 2022

      “No amount of sophistication is going to allay the fact that all of your knowledge is about the past and all your decisions are about the future.” Ian E. Wilson (former Chairman of GE) Last week’s inflation data dealt a crushing blow to any hope of avoiding the full… More >>

  4. October 10, 2022

    At the heart of the economic debate surrounding inflation is consumer demand. I’ve argued that around 60% of inflation is supply driven, but that’s not part of the current conversation. The argument goes something like this: if inflation moderates the Fed can pause rate… More >>

  5. October 3, 2022

    Our Q4 2022 Look Ahead is available for review. The video link is here and the PDF version is here. In this post, we highlight some key themes we see in the coming quarter. The Fed is on course to move the terminal fed funds rate to 4.25% by year-end. Historically the… More >>