25 Jul 2022

Looking at Inflation, Backwards and Forwards

Inflation is hard to measure, which is why there are many ways to measure it. In addition to the Consumer Price Inflation (CPI) indexes that I’ve discussed in recent months, there are also Producer Price Indexes (PPI), the Personal Consumption Expenditures (PCE) indexes, the Gross Domestic Product (GDP) purchased price index, the GDP price index, and the GDP Price Deflator index. Oh my! While I don’t intend for this letter… Read More

By Tags: , , , , , , ,
18 Jul 2022

Looking at Inflation, Backwards and Forwards

After quietly lying dormant for several decades, inflation is today’s big story in economics and markets. We all feel it at the grocery and pump, not to mention airline tickets, which are up more than a third from a year ago. It’s also dictating central bank policy, here and abroad, and everyone is rightly wondering whether that central bank policy will push global economies into a recession if it hasn’t… Read More

By Tags: , , , ,
14 Jul 2022

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review Inflation: A Deep Dive Cybersecurity at Acropolis Crypto Winter is Here The Big Picture Click here to read the issue: Q2 2022 Portfolio Insights

By
11 Jul 2022

Value’s Long and Winding Road

In a bear market like this one, when stocks are down -20 percent and bonds are down -10 percent, it’s hard to find good news. I learned a long time ago that in an up market, investors care about relative returns (earning 12 percent versus 10 percent, for example), but in a down market aren’t interested in that at all (losing, say, -8 percent instead of -10 percent). In both… Read More

By Tags: , , , ,
5 Jul 2022

Visualizing the Supply Chain

Growing up, I’d never heard of the supply chain. Toys were either on the shelves or there weren’t. Today, I hear relatively young kids talking about how the supply chain is preventing them from getting the toys they see online in less than three days. It’s amazing actually. Last week, I was looking at the New York Federal Reserve website trying to find their model that predicts recessions. I didn’t… Read More

By Tags: , , ,