1 Feb 2021

The GameStops Here

Just one week ago, I wrote about SPACs as a potential indicator for a frothy market and referred in passing to ‘Robinhood traders’ as another sign of the times. Little did I know that these foes of the rich and friends of the poor would dominate the news and that everyone I encounter would bring up GameStop. I tried to make the case that the craziness in SPACs probably isn’t… Read More

25 Jan 2021

What the SPAC?

Have you been hearing a lot about SPACs? They are one of the current poster-boys for market froth, along with Tesla, IPOs, bitcoin, and Robinhood traders. Officially, SPACs are ‘special purpose acquisition companies,’ but are often called blank-check companies. Historically, a relatively well-known investor would raise cash and form a SPAC, which is publicly traded. But, until the SPAC went out and bought a company with the cash they raised,… Read More

19 Jan 2021

The Hottest Funds of 2020

The Wall Street Journal last Sunday (that can be found here) about the top stock funds in 2020. They featured the Morgan Stanley Inception fund, which gained 150.6 percent, and pointed out that it surged 19.5 percent in the last few weeks of the year. The manager discussed how they had more than their fair share of investments in e-commerce, people working from home, and streaming entertainment. The top ten… Read More

14 Jan 2021

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 Value & Growth Investing 2021 Tax Planning The Big Picture Click here to read the issue: Q4 2020 Portfolio Insights

3 Nov 2020

Special Election Coverage!

Well, election day is finally here. Over the past few months, many clients have understandably expressed concern over what may happen to the stock market. And, while we don’t know what the results will be or when we’ll know them, we do have history to look back on. And, even though I’ve heard both candidates and countless media people say that this is the most important election in our history, all of… Read More

18 Oct 2020

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 Are Elections Bad for Markets? Presidential Markets The Big Picture Click here to read the issue: Q3 2020 Portfolio Insights

16 Jul 2020

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 CARES Act Summary The Big Picture Click here to read the issue: Q2 2020 Portfolio Insights

15 Jun 2020

Yield Curve Control

Last week, I noted that in the Q&A session following the latest Federal Reserve meeting that Chair Powell said that other monetary policy tools such as ‘yield-curve control’ were still under consideration. What is yield curve control, or YCC?  Good question. A little background first. Now that the Federal Reserve has lowered interest rates to zero (okay, near zero, but effectively zero), what tools does it have? We know that the… Read More

26 May 2020

Economic Growth Expectations

Last week, I saw an interesting table from Goldman Sachs that estimated economic growth across the globe. The table looked exactly like the first four columns of this table, including the various highlights.  Those columns show the annual inflation adjusted (or ‘real’) growth rates for those economies. I took their data and annualized 2020 through 2022 to see what they expect in the first year of the downturn and what… Read More

18 May 2020

Worried About Inflation?

In response to the economic shutdown caused by covid-19, the government has effectively printed almost $5 trillion dollars. Congress passed a fiscal stimulus package of $2.9 trillion and the Federal Reserve has bought more than $2 trillion in bonds from the open market. Moreover, there is a debate in Washington to see whether Congress should pass another stimulus package and the Fed has committed unlimited funds to fight the economic… Read More