By Paul Broughton, Portfolio Manager Since early November we’ve seen higher-multiple growth stocks and risk-assets like Bitcoin reprice lower as they’ve experienced higher than normal levels of volatility. What was the trigger that got this process going? Where do we stand as we look out at the market over the next several months? And has…

By Chuck Lieberman, CIO & Co-founder For the second month in a row, job growth reported in the household survey vastly outstripped the job gains reported by the establishment survey. Even so, all the job market data indicate that the labor market remains very strong. While the Fed opened the door to interest rate hikes…

By Kevin Kelly, Portfolio Manager Many investors are unsure what to do with their fixed income in 2022. They are worried about the Fed raising short-term rates, long-term interest rates rising as the Fed tapers its bond purchases, and elevated inflation potentially persisting for several years. While these are all valid concerns, especially relative to…

By Dr. Alan Greenspan, Senior Economic Advisor In his testimony before the Senate Banking Committee on November 30, Federal Reserve Chairman Jerome Powell acknowledged what markets had comprehended for some time – that the word “transitory” was no longer an apt description of the current inflationary environment. The incoming data since Chairman Powell’s remarks have…

By Dr. JoAnne Feeney, Portfolio Manager Some of you may have had flashbacks to the late 1970s when you saw the latest CPI inflation report last week. At a 6.8% year-over-year increase, US consumer prices have not risen that rapidly in nearly 40 years. Even excluding the more volatile energy and food components, the U.S….

By Chuck Lieberman, CIO and Co-Founder That was the strongest “weak” jobs report I’ve ever seen. While payroll jobs increased by “only” 210,000, far less than the 500,00 plus expected, the household survey reported job gains above 1.1 million, while the unemployment rate plunged, despite a surge in labor force participation. The economy is running…

By Randall Coleman, Portfolio Manager May you live in interesting times. Is that a blessing, or a curse? The day after Thanksgiving is notoriously boring in the stock market. It is a short, early close day, and typically volume is very light. Usually, nothing interesting happens. Since 1928, two-thirds of the 93 Black Fridays saw…

By David Ruff, Portfolio ManagerDozens of central bank tightening moves across EM countries designed to curb inflationary pressures and stabilize currencies combined with lower anticipated US monetary accommodation created a difficult environment for most EM businesses. Additionally, much of the world’s economy depends on the China economic growth engine, and with this machine sputtering as…

1. With companies like Jeff Bezos’s Blue Origin and Richard Branson’s Virgin Galactic taking tourists to space, do you think the future of humanity is on Earth? And would you go to space? As awe-inspiring as space travel and the recent development of space tourism may be, I view Jeff Bezos and Richard Branson taking…

By Chuck Lieberman The economic recovery marches on, although the pace is accelerating once again after the Delta variant recedes from its summer spike. With Covid cases receding, the recovery is back in full bore mode. Hopes had been high that some of the bottlenecks might improve—specifically that labor force participation might increase–ameliorating the upward…

© Advisors Capital Management, LLC