The Fed can’t do anything about the supply of goods and services but does control the creation and destruction of economic demand. In 2020 and 2021 the Fed was creating demand, or at least attempting to, via loose monetary policy and quantitative easing. Those days are over. The remainder of... read more →
Jun
14
There are a wide range of investment outsourcing options available to advisors these days. Undoubtedly, the right one is out there for you and your clients. But why outsource? Findings from a recent survey of advisors by AssetMark best sum up what we have been saying for years: “To achieve... read more →
Jun
09
It seems like no one is talking about the yield curve any more. During the last week of March, when the 10-2 year treasury spread inverted very briefly, roughly 3,800 news articles mentioning the yield curve appeared on Bloomberg (and we wrote our fair share on the subject). Last week,... read more →
May
23
Stocks may not be cheap but they are definitely not expensive anymore. Great companies are still growing earnings; in fact, S&P 500 earnings are UP 6.5% year to date! But investors were willing to pay significantly more for those earnings last year than right now. Price multiples (commonly referred to... read more →
May
19
Over the last few turbulent months, we have highlighted a few individual sentiment indicators as they reached extreme bearish levels at one point or another. However, what was exceptional about last week is that a large number of these sentiment indicators all reached extreme bearish levels at the same time.... read more →