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Two significant shifts took place last week that could provide an alternate backdrop for investors. The Chinese Communist Party (CCP) finally announced some significant moves to moderate their draconian COVID Zero policy. Earlier in November, China modified their COVID… More >>

The ultimate consumer shopping days are now in the books and the outcomes are impressive.  According to recent transaction data from Adobe, consumers have spent more this holiday season than 2020 or 2021.(1)  While growth rates are modest, raw dollars being spent are… More >>

  On behalf of the entire team at Phillips & Company Advisors, we wish you and your family a wonderful Thanksgiving. In an unprecedented year of challenges we are still mindful of the many things we are thankful for, especially your trust and confidence. Tim… More >>

  During any trend transition from growth to contraction, and back to growth, investors are pitted against each other – between optimism and pessimism, classic buyers vs. sellers. The two overarching themes of our current environment are interest rates and inflation. Over… More >>

Last week was a classic reminder to those that believe they can outsmart and outwit equity markets. The notion that someone has a crystal ball into what moves millions of equity investors should be debunked for the time being. Our basic ground rule is equity returns occur… More >>

Once again, we are left in monetary limbo. The Federal Reserve raised interest rates by 75 basis points last week, taking the Fed Funds rate to 4%. Unfortunately for investors trying to understand how to value future cash flows, the Federal Reserve was also uncertain about… More >>

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 >>

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 >>

  “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 >>

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 >>