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First Quarter 2018

Over the past few months the market has been hit by a wave of volatility and losses in both equities and government bonds.  In fact, the first quarter of 2018 was the first negative quarter for [...]

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HIGHLIGHTS OF CREDIT SUISSE’S BLOCKCHAIN 2.0 RESEARCH ARTICLE

We recently read through the 100 page report entitled “Bitcoin 2.0” written by the wonderfully insightful and hardworking team at Credit Suisse:  Charles Brennan, Brad Zelnick, and Mathew Yates.  [...]

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MOMENTUM’S 5 YEAR RUN NEEDS A WASH OUT

I looked at the performance of the iShares US Momentum ETF (MTUM) vs the iShares US Value ETF (VLUE).  These two ETFs are smart beta plays on traditional Fama-French factors.  These factors have [...]

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ONLINE PRICE SHOPPING AND GLOBAL LABOR POOLS CONTRIBUTE TO LOWER INFLATION

I was interested in looking into why inflation stayed so low in the US in the face of low rates and low unemployment.  I’ve heard people ponder that a global labor pool and online shopping [...]

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Fourth Quarter 2017

2017 was profitable for all global assets despite the drama from geopolitics, severe weather, and the solar eclipse.  First, North Korea did not launch a nuclear weapon on the United States.  [...]

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Third Quarter 2017

The third quarter proved to be profitable for global equities. Continued growth across Asia, Europe and the US lifted confidence in equities, bringing valuations higher and keeping volatility [...]

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Second Quarter 2017

Three trends seem to be capturing the attention of the market in the past quarter: equity index investing, low volatility, and monetary policy normalization. Equity indices are widely viewed by [...]

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First Quarter 2017

The first quarter of 2017 saw a continuation of the post-election price trends. Equities were higher, rates were range bound, and spreads on investment grade and high yield bonds continued to [...]

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Fourth Quarter 2016

What a wild 4th quarter — the Federal Reserve finally hiked rates as bond yields raced higher, and the US elected a reality TV star real estate mogul as our next President. Despite the doom [...]

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OPEC: CYNICAL THOUGHTS

I am very skeptical of OPEC’s ability to actually curtail production. OPEC agreed on Wednesday to cut production by 1.2 million barrels per day and bring the ceiling of production to 32.5 million [...]

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