RESOURCES

OUR RESOURCES

28

Nov

Viewpoints December 2021

TRIPWIRES Inflation remains top of mind for investors, but we don’t think the analysis goes deep enough. Objectively, the current rate of U.S. consumer price inflation (5.4% year over-year) is worryingly high. However, we think there is too much focus on the current level and not enough on the effects of high inflation. We think...
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28

Nov

Viewpoints December 2021
Viewpoints December 2021
TRIPWIRES Inflation remains top of mind for investors, but we don’t think the analysis goes deep enough. Objectively, the current rate of U.S. consumer price inflation (5.4% year over-year) is worryingly high. However, we think there is too much focus on the current level and not enough on the effects of high inflation. We think...
Read More

01

Nov

Viewpoints November 2021

PRESSURES Stocks drifted lower over the last two months before catching a bid in early October. Rising energy prices have raised concerns about growth and inflation. There have also been pressures from the Common Prosperity initiatives being pursued in China. We have seen a rise in the U.S. 10-year yield to nearly 1.6%, mostly tied...
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01

Nov

Viewpoints November 2021
Viewpoints November 2021
PRESSURES Stocks drifted lower over the last two months before catching a bid in early October. Rising energy prices have raised concerns about growth and inflation. There have also been pressures from the Common Prosperity initiatives being pursued in China. We have seen a rise in the U.S. 10-year yield to nearly 1.6%, mostly tied...
Read More

14

Oct

Quarterly Review Q3 2021

GRADUALLY, THEN SUDDENLY “How did you go bankrupt?” “Two ways. Gradually, then suddenly.” So goes the line from Ernest Hemingway’s The Sun Also Rises. Politicians likely share a similar sentiment as to how quickly they’ve been confronted by the debt ceiling, which must be raised to prevent a U.S. government technical default. A deal is...
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14

Oct

Quarterly Review Q3 2021
Quarterly Review Q3 2021
GRADUALLY, THEN SUDDENLY “How did you go bankrupt?” “Two ways. Gradually, then suddenly.” So goes the line from Ernest Hemingway’s The Sun Also Rises. Politicians likely share a similar sentiment as to how quickly they’ve been confronted by the debt ceiling, which must be raised to prevent a U.S. government technical default. A deal is...
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04

Oct

Viewpoints October 2021

FUNDAMENTALLY DRIVE Strong market returns this year have raised questions about their quality. Are they just due to easy money and fiscal profligacy? Earnings this year have handily exceeded investor expectations due to strong operating leverage, and the regional performance has tracked relative earnings growth. As shown below, U.S. equities have delivered the strongest returns...
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04

Oct

Viewpoints October 2021
Viewpoints October 2021
FUNDAMENTALLY DRIVE Strong market returns this year have raised questions about their quality. Are they just due to easy money and fiscal profligacy? Earnings this year have handily exceeded investor expectations due to strong operating leverage, and the regional performance has tracked relative earnings growth. As shown below, U.S. equities have delivered the strongest returns...
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01

Sep

Viewpoints September 2021

SLOWING BUT SUSTAINABLE GROWTH The momentum continues under this remarkable recovery, with strong economic growth and profitability that have driven the equity rally. These gains have some investors wondering when the “good times” will end. Global growth is expected to peak at over 6.5% in the third quarter. For the full-year 2021, growth is expected...
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01

Sep

Viewpoints September 2021
Viewpoints September 2021
SLOWING BUT SUSTAINABLE GROWTH The momentum continues under this remarkable recovery, with strong economic growth and profitability that have driven the equity rally. These gains have some investors wondering when the “good times” will end. Global growth is expected to peak at over 6.5% in the third quarter. For the full-year 2021, growth is expected...
Read More