As we enter what may be remembered as our first post-COVID summer in the United States, the domestic landscape seems to be settling into a far less chaotic rhythm. Encouraging vaccination numbers have seen mask mandates disappearing. Businesses that were concerned with simply being open only a year ago are now turning toward increasing capacity…

Job growth picked up by 559,000 in May, notably stronger than the solid, yet disappointing, 278,000 increase in headcount estimate for April, but the real story is that the strong recovery in demand is being held back by supply constraints, especially in the labor market. So, the market remains concerned that inflation might increase on…

Corporate Raiders! Barbarians at the Gate! Activist Investors! Today’s activist headlines are definitely not the same as the likes from 20 years ago. Yes, Carl Icahn and Nelson Peltz are two of the most recognized names when the topic of corporate raiders comes up, but the eye-catching ones today show the evolution of activism in…

Fourteen months after the country shut down in response to COVID-19, America seems to be turning the corner. Real gross domestic product will likely surpass its pre-pandemic level by the middle of this year and new jobless claims continue to fall steadily. Nearly 50% of the total population have received at least their first vaccine…

Last week’s decline through Wednesday and sudden rebound on Thursday and Friday may be a mere sample of what’s to come. Investors have become sensitive to high valuations and the presence of higher economic risks. But last week’s decline of 4% was a relatively minor drop, and the rebound left the S&P 500 down only…

Investors were shocked by the “meager” 266,000 increase in payroll employment despite very widespread evidence that the economy is roaring back. It seems very clear that many workers prefer to take generous unemployment benefits rather than return to work, even as firms struggle to hire the labor they need to operate, even when they offer…

Our ACM International ADR and Global strategies feature unique, high-quality international companies, many of which do not have a U.S.-based equivalent or competitor. This is the most important reason for investing in ADRs in my mind, and given that the overwhelming majority of our clients are U.S.-based, this foreign-focused strategy expands a typical investor’s opportunity…

The S&P 500 continues to make new highs and the economy is reopening at a rapid pace. A great deal of this is likely due to the successful Covid vaccination rollout – everyday we’re getting that much closer to normal. As well, the Fed’s current accommodative monetary policies remain firmly entrenched. And Congress just passed…

President Biden recently announced the outline of his much-anticipated American Jobs Plan, commonly referred to as the “Infrastructure Bill”. Despite a name that aspires to benign bipartisanship common to pieces of legislation, it has unsurprisingly failed to avoid the level of debate and scrutiny one would expect of a $2.3 trillion government spending package. One…

Many fixed income investors with traditional investment-grade bond portfolios were likely disappointed by their performance in 1Q’21. This is understandable, because for the 5 years through 2020, the average annual investment-grade bond returned over 6.5%, whereas in 1Q, that return was -4.6%. Investors may not appreciate that the average investment-grade bond has a maturity of…

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