By Randall Coleman, Portfolio ManagerFootball is back. I’m not much of a sports fan, but I’m vaguely aware of the phenomenon. I know the basic rules of each game, the color and shape of the ball or puck or whatever it is they score with. I know when the season rolls around because the office…

On the afternoon of September 11, 2001, I was flying back to Washington on Swissair Flight 128, returning home from a routine international bankers’ meeting in Switzerland. I’d been moving about the cabin when the chief of the security detail that escorted me on trips abroad, Bob Agnew, stopped me in the aisle. Bob is…

By Chuck Lieberman, Co-founder & CIO The August employment report actually fit in quite well with investor expectations, even though job growth was well below the consensus. Hiring is being held back by the Delta variant and the unwillingness or inability or people to return to work, even as firms increase pay to attract or…

By Dr. Alan Greenspan, Senior Economic Advisor Unprecedented amounts of fiscal and monetary stimulus have driven stock prices to all-time highs, now sitting near double the lows seen during the depths of the coronavirus-driven panic. However, with the debt ceiling holding back further borrowing by the U.S. Treasury, thousand-dollar stimulus checks and trillion-dollar stimulus packages…

By David Ruff, Portfolio ManagerThe STOXX Europe 600 advanced 21.04% year-to-date through August 25th. In local currency, this ranks best of the world’s regional returns and even squeezes ahead of the S&P 500’s 20.83% return over the same period. This is an impressive result, especially considering the much lower monetary stimulus applied in Western Europe…

By Paul Brighton, Portfolio ManagerSummer is winding down as we get close to the Labor Day weekend. Schools are reopening and fall football and the month of September are right around the corner. By happenstance, September can be a difficult month for equity markets. This brief commentary will be a gentle reminder of the possible…

By Kevin Kelly, Portfolio ManagerIf analyzed carefully, I believe most fixed investors would not be happy with the current risk versus reward trade-offs they are consciously or unconsciously accepting. Many investors have resorted to one of the following three options in this low yield environment: 1) to essentially avoid interest rate and credit spread (risk…

By Dr. Chuck Lieberman, Co-founder and CIO Economic growth is very strong, profits significantly outperformed optimistic expectations and hiring is robust, even as bottlenecks and labor scarcity hamper the pace of recovery. The rally in the bond market turned on a dime. Most Fed officials still seem to prefer maintaining the current highly accommodative policy…

By Randall Coleman, Portfolio Manager US traded China ADRs were dealt a severe blow last week by regulators on both sides of the Pacific, causing a dramatic and uneven loss of value in China-based stocks. The brunt of the damage came from the for-profit education industry in China, where regulators have mandated companies move to…

By Dr. Chuck Lieberman, Co-founder and CIO This morning’s Q2 GDP came in at 6.5%, well below the 8% or higher that was expected. But digging into the details shows strong underlying demand and sets the stage for ongoing solid growth. 1. Consumption +11.8%. Services rose 12.0%, a sharp rise from Q1. 2. Nonresidential capital…

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