We currently have a favorable view of the energy sector, which is largely driven by attractive fundamentals. However, there...
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Rates will likely remain lower for longer, as explained in “Rates: Lower for Longer.” And we are wary of the distortive...
As we near the end of our “Adventures on the Planet of the Apes” blog series, we are in tumultuous times. We anticipated the...
At some point, ever-lower rates will fail to stimulate the economy, and the current monetary regime will likely be abandoned...
As a follow-up to our previous post in this series, “Nothing Natural About Low Rates,” we see good reason to believe that the...
As the markets continue to look for something on which to focus, I believe it is a good time to recall a phrase James...
Artificially low rates are causing multiple price distortions and pockets of heightened risks. And while the current...
“The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom,” wrote science...
“You let everybody know, but don't play with me, ’cause you're playing with fire,” sang the Rolling Stones. Fed Chair Jerome...
As central banks have embarked on a disjointed unwinding of their balance sheets, it is easy to see that the day of reckoning...
Monetary policy has hampered the ability of fundamentals to influence market prices, but we’re beginning to see them...
Why This Disruption Is Different—Circuit Breakers
January 29, 2019As central banks now embark on a disjointed unwinding of their balance sheets, we add to these uncharted paths material...
Why This Disruption Is Different—the Volcker Rule
January 23, 2019Along with monetary policy and rules-based strategies, a primary concern for us is the role played by the Volcker Rule—the...
Why This Disruption Is Different—Rules-Based Strategies
January 15, 2019As in the prior three waves of quantitative easing, central banks’ current ultra-easy monetary policies have pushed...
If the effects of past waves of easy monetary policy are any indication, it’s difficult to see how this latest wave can end...
New Movie, Same Plot: 4 Waves of Monetary Policies
January 3, 2019As discussed in the first part of this series, markets have a history of repeated cycles of euphoria, crashes, and...
With the birth of the so-called “Greenspan Put,” the 800-pound gorilla of U.S. monetary policy unleashed itself on capital...
Since the increase in intensity and scope of sanctions on Iran, the price of energy has re-emerged as a significant influence...
With the possibility of 5% bond yields looming in the United States, what would provoke us into either buying or selling U.S....
It’s easy to look back on market catalysts after the fact and say, “We should have known.” But we believe it’s too difficult...
When the next market decline comes, we believe it will be sharper and deeper than investors expect. Four compounding concerns...
The key elements of an investment approach are philosophy and process. While a team’s investing philosophy should remain...
Over the past few years, we’ve witnessed a strong momentum-driven market that has pushed prices higher. This environment is...
When U.S. President Donald Trump recently announced that the U. S. was withdrawing from the Iranian nuclear accord, oil...
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