Weekly Commentary

It is not so prophetic to suggest you’ve been paid your returns for 2021. It is entirely possible that what you’ve gained in 2020 is a 100% deposit on what you might get in 2021, at least from a U.S. equity perspective. [i] This view, however, is certainly not the consensus. In fact, it is […]

As we swiftly approach 2021, it is becoming abundantly clear where some of the greatest opportunity might exist within the broad spectrum of equity investing. Emerging markets appear to be the clear favorite from a valuation perspective. [i] Relative to Developed Markets, Emerging Markets look particularly inviting. Using the cyclically-adjusted P/E ratio and drilling down […]

Last week, I hosted Morgan Housel, award winning financial writer, for a Zoom meeting to discuss his new book The Psychology of Money.  You can watch the replay here! Hiring a financial storyteller might seem counter-intuitive compared to hiring a market prognosticator or economist. However, I think about the famous lefty pitcher Sandy Koufax—Most don’t […]

While we’ve been preoccupied with an explosion of COVID-19 cases and the soap opera end of the Trump Presidency, China advances. On November 15th, China formed the Regional Comprehensive Economic Partnership, or RCEP, the largest trade bloc in history. [i] It represents 15 countries, 30% of World GDP, 27% of global merchandise trade by reducing […]

Last week I highlighted what I believe will be an exceptional year for U.S. equity investors. It’s worth taking another read. I certainly don’t want to be Pollyannish about what stands between us and that optimistic forecast but, as long-term investors and asset allocators we tend to look past some of the immediate stresses and […]

While it is too early to close the books on 2020, it is pretty easy to conclude that 2020 was a dark period in our history. There are likely more dark days ahead as COVID-19 spreads uncontrolled and cities and states resort to rolling lock downs in some sectors. On the other hand—from what I […]

It would be hard to contemplate the S&P 500 hitting an all-time high in the wake of a Presidential election that has a clear winner and loser. Yet, that is exactly what the S&P 500 is doing. [i] The political analysis of President Trump’s moves are hard to conceive. He might win one state—Georgia – […]

While President Trump extends the drama of the election to energize his base for his post-political career, the outcome is certain: President-elect Biden will face a divided Congress when it is all said and done. There will be two runoff Senate races in Georgia this coming January and the results from those will determine the […]

As we approach what will likely be one of the most consequential elections in a long time―perhaps met with anger, conflict, and strife―there is some good news to reflect on. First, GDP for Q3 posted a record 33.1% annualized growth rate, coming off a tragic drop of 31.4% in Q2. [i] This recovery would represent […]

In the current highly charged political environment, it is not safe to even dip your toe into the fray of electoral politics. I certainly don’t want to incite any wrath. However, it is fair to consider a critical question that must be on our minds: Have we changed? Have we changed as Americans this year […]