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It’s a rare occasion when we as investors get to experience in real time why markets have always gone up over long periods of time. [i] With over 30 years as a professional investor on behalf of myself and others, I wish I knew at day one what I know today. When… More >>

Adding nearly 1 million jobs in the latest jobs report (including revisions from the prior month) would suggest we are fast on our way to a full recovery. [i] Under normal circumstances, investors would be quick to conclude rising rates are on the horizon to stem… More >>

We just published our Q2 2021 Look Ahead, you can view the presentation here or watch our narrated version here. Consumer Strength – Close to LiftoffThe coming quarter will be a period of rapid reopening, with COVID-19 vaccine availability occurring much faster than… More >>

Since February 2020, China has been leading the way in the recovery from COVID-19 and economic re-opening. New confirmed cases of COVID-19 in Mainland China have been near zero since the beginning of February. [i] China has achieved a post-pandemic recovery in most… More >>

The recent high-level talks in Alaska between Secretary of State Anthony Blinken, National Security Advisor Jake Sullivan, and their Chinese counterparts are being viewed as a continuation of the Trump-era rhetoric. Certainly, from the public statements, it would appear to… More >>

The odds of seeing a triple play in baseball are something like 1 in 325. It’s an incredibly rare event—on par with passing important legislation in Congress. [i] It is remarkable the U.S. has completed what I consider the unlikely economic triple play: passing… More >>

In an effort to put a label on what is going on with credit markets, U.S. investors are in a quandary. The yield curve has steepened over the last 45 days. [i] The U.S. 7-year Treasury auction had an anemic showing on February 25th, with only 2 buyers for every dollar… More >>

There is an inflection point, of sorts, occurring in U.S. capital markets these days. It is abundantly clear that investors are facing a choice with respect to interest rates and equity returns. We anticipated much of this when we published our Q1 2021 Look Ahead. A… More >>

With equity markets hitting all-time highs, bitcoin touching all-time highs, and COVID-19 cases collapsing, the world would seem near perfect for investors. [i] [ii] [iii] Specifically, retail sales are clearly heating up in January and across several segments. It would… More >>

The most frequently asked question right now is, “Are we in a bubble?” The simple answer is, “I can’t tell.” It’s an entirely natural question and answers will vary based upon the strategy and motivations of the person you’re asking. [i] Here is what we know: Valuations… More >>