RESOURCES

OUR RESOURCES

01

Sep

VIEWPOINTS SEPTEMBER 2022

PEAK INFLATION  Equity markets have rebounded smartly since mid-June during a period of weak growth and poor sentiment, but solid earnings and what we think is a likely peak in inflation. Better-than-expected earnings reports, coming at a time of extremely poor investor sentiment (a positive contrarian signal) is most likely the catalyst for the better...
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01

Sep

VIEWPOINTS SEPTEMBER 2022
VIEWPOINTS SEPTEMBER 2022
PEAK INFLATION  Equity markets have rebounded smartly since mid-June during a period of weak growth and poor sentiment, but solid earnings and what we think is a likely peak in inflation. Better-than-expected earnings reports, coming at a time of extremely poor investor sentiment (a positive contrarian signal) is most likely the catalyst for the better...
Read More

01

Aug

VIEWPOINTS AUGUST 2022

CONFLICT  Inflation, along with the second order negative impact on growth, remain top of mind for markets. The U.S. June Consumer Price Index (CPI) print of 9.1% year-over-year (y/y) was the second consecutive negative surprise. As shown below, there is a real conflict between the current high level of inflation and what the market is...
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01

Aug

VIEWPOINTS AUGUST 2022
VIEWPOINTS AUGUST 2022
CONFLICT  Inflation, along with the second order negative impact on growth, remain top of mind for markets. The U.S. June Consumer Price Index (CPI) print of 9.1% year-over-year (y/y) was the second consecutive negative surprise. As shown below, there is a real conflict between the current high level of inflation and what the market is...
Read More

13

Jul

Quarterly Review Q2 2022

HOLDING THE LINE Often assumed to be a military expression, the earliest use of the term “hold the line” is actually first traced back to American football (with the “line” being the line of scrimmage). But, of course, the term is often used in a number of circumstances – military or otherwise. And it can...
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13

Jul

Quarterly Review Q2 2022
Quarterly Review Q2 2022
HOLDING THE LINE Often assumed to be a military expression, the earliest use of the term “hold the line” is actually first traced back to American football (with the “line” being the line of scrimmage). But, of course, the term is often used in a number of circumstances – military or otherwise. And it can...
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02

Jun

VIEWPOINTS JUNE 2022

RECESSION OF REPRICING?  The rate angst of March bled into equities in April, and has tipped U.S. small cap stocks, the Nasdaq Index, and select international markets like the Shanghai Composite into bear market (20% decline) territory. The most speculative parts of the markets have been hit the hardest with crypto being front and center....
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02

Jun

VIEWPOINTS JUNE 2022
VIEWPOINTS JUNE 2022
RECESSION OF REPRICING?  The rate angst of March bled into equities in April, and has tipped U.S. small cap stocks, the Nasdaq Index, and select international markets like the Shanghai Composite into bear market (20% decline) territory. The most speculative parts of the markets have been hit the hardest with crypto being front and center....
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20

Apr

VIEWPOINTS MAY 2022

RATE ANGST The U.S. bond market just exited its worst quarter in years, with Treasuries down 5.6%, corporate bonds down 7.4% and a broad municipal bond index down 6.2%.1 After shaking off the rise in inflation in 2021, a swing in the outlook for Federal Reserve policy led to a jump in interest rates this...
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20

Apr

VIEWPOINTS MAY 2022
VIEWPOINTS MAY 2022
RATE ANGST The U.S. bond market just exited its worst quarter in years, with Treasuries down 5.6%, corporate bonds down 7.4% and a broad municipal bond index down 6.2%.1 After shaking off the rise in inflation in 2021, a swing in the outlook for Federal Reserve policy led to a jump in interest rates this...
Read More