Blog

  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… More >>

  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… More >>

  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… More >>

  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… More >>

  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… More >>

  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… More >>

  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… More >>

  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… More >>

  This week I had the pleasure of spending a few private and public moments with our former US Secretary of the Treasury, Hank Paulson. While any private comments will remain just that, some of his public comments were very appropriate for the times we are in. I thought I… More >>

  Coming off of a spectacular jobs report in the previous week, we should be seeing some pretty strong numbers from the US retail sector. It's pretty easy to argue more people working would support more people spending. After all, 70% of the economy is driven by… More >>