Weekly Commentary

  The US Dollar has been on a breathtaking rally we have not seen since 2010. The last time the US Dollar reached this level of value relative to other major currencies, our economy was finally emerging from the worst recession since the Great Depression and The Fed’s Quantitative Easing policies were just taking hold.[i, […]

  Last week was witness to the largest IPO in the history of the world.[i] Alibaba, the Chinese e-commerce company, launched its initial public offering on the New York Stock Exchange and raised a record setting $25 billion.[ii] As of the close of trading on Friday, Alibaba had a valuation of $231 billion.[iii] That market […]

  It should be no surprise to any investor that the economy, and in many respects the US equity markets, have been propped up by the Federal Reserve’s quantitative easing (QE) over the last 6 years.[i] On Wednesday of this week, the Fed will convene to discuss the future of interest rates and the actual […]

  While the recent jobs report showed some weakness for the month of August, it’s hard to argue that the US economy is slowing. US GDP is on an upward trajectory albeit slower than, and certainly not as strong as, most people would prefer. In last week’s post, we discussed some extraordinary benefits from consumers […]

  We have had some pretty strong confirming data the economy has been on a firmer path to recovery in Q2 of this year after a disastrous fall in Q1. Q2 GDP was confirmed to grow at an annual rate of 4.2% as reported by the US Department of Commerce.[i] Looking back is at times […]

  I recently spent 8 days in the middle of Wyoming seeing some amazing country and fishing on some spectacular streams that meander through some of the largest ranch property in America. In those 8 days, I didn’t see another angler. However, I know there are more people fishing in Wyoming than me. In fact, […]

  In a recent blog, we noted that the stock market is near all-time highs with valuations at long-term historic levels, so earnings must deliver. We followed up with a mid-earnings-season data review that observed signs of economic strength, including 4% Q2 GDP growth, but left us with questions about consumer spending going forward and […]

  Earlier this summer, we celebrated Independence Day, commemorating both the adoption of the Declaration of Independence and the revolution that led to America achieving its independence. Today, there is another revolution going on in this country, one that could lead to independence of another kind. It centers on energy, specifically the shale deposits located […]

  One of Leonardo da Vinci’s mottoes was “saper vedere”, which translates to “knowing how to see.” It refers to the continual refinement of our senses, especially sight, as a means to enrich experience and test knowledge. With the mountain of economic data released in the last week (see the table below), this is a […]

  As many of our regular readers and clients know, Phillips and Company publishes a Quarterly Look Ahead. Here is a link to the 2014 Q3 presentation with an audio narrative. We attempt to give a look at the most pressing issues that will impact portfolio values in the coming quarter. In one of this […]