Dr. Charles Lieberman

About Dr. Charles Lieberman

Dr. Charles Lieberman is the Chief Investment Officer and co-founder of Advisors Capital Management, LLC. Dr. Lieberman began his professional career as an academic at the University of Maryland and Northwestern University. After five years in academia, he joined the Federal Reserve Bank of New York as head of its Monetary Analysis staff. From there, Dr. Lieberman moved to Wall Street, working with Morgan Stanley and Shearson Lehman Brothers, focusing on the debt and equity markets, respectively. In 1986, he joined Manufacturers Hanover Securities as Chief Economist and Head of Research and retained that position through the subsequent mergers with Chemical Bank and Chase Manhattan. During his eleven and a half years with these banks, he worked intensively with clients, as well as the Bank’s trading desks and portfolio and sat on the Bank’s Markets Committee, which was responsible for funding, interest rate, and currency risk management. He also traveled extensively on behalf of the Bank, both domestically and internationally, consulting with senior government officials and portfolio managers of some of the largest financial institutions in the world. In 1997, he left Chase to found, along with co-founder Henry Kaufman, the global macro hedge fund Strategic Investors Management LLC, and to serve as its managing partner and principal strategist. Dr. Lieberman has appeared often on Bloomberg, CNBC, and is frequently quoted by Barron’s and The Wall Street Journal. Dr. Lieberman earned his B.A. in Economics at MIT, and a Ph.D. in Economics from the University of Pennsylvania.

School’s out for the summer, but the Fed’s policy stance is already being tested. Job growth has picked up sharply and should remain fairly strong even before schools resume in September. But rising labor costs and their effects on inflation will test the Fed’s view that the surge in inflation will be just transitory. Much…

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…

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…

The economy is now in full sprint, after being “Off to the Races”, as we wrote a month ago. Payroll jobs surged by 1.07 million in March, including upward revisions to prior months, and additional mega-sized jobs gains are likely in the coming months, as vaccinations continue to roll out rapidly and the economy reopens….

The larger than expected increase of 379,000 jobs in February (and a good-sized upward revision to prior data and another slight decline in the unemployment rate to 6.2%) suggests that the economy is already lifting off after shutdowns due to the pandemic. We were expecting this to start in March or April. Now, it appears…

The roiling of the equity market by individuals using Reddit to act collusively in stocks like GameStop, AMC Entertainment, Blackberry, and numerous others is likely to continue for the near-term. Many hedge funds that are short these stocks will be forced to cover their shorts and will suffer large losses, which implies sizable profits for…

Monetary policy remains highly accommodative, as unemployment is still high in the aftermath of a sharp, deep recession, while inflation remains below the Fed’s 2% plus objective. Many people fear that the Fed’s injection of trillions in liquidity will cause inflation to surge. We do not see rising inflation as a serious risk this year,…

The pace of the economic recovery is slowing, as governments close restaurants and other facilities to stymie spread of Covid. But approval and widespread distribution of at least two vaccines ensure the economy will soon get a booster shot (figuratively) even as the population gets a booster shot in the arm (literally). Within 6 months,…

Moderna’s vaccine is reported to be 94.5% effective, making two vaccines showing higher efficacy than most expected. While results from both Pfizer and Moderna are preliminary, these early results are a very positive sign. Equally importantly, we should have enough doses of these two vaccines in the first half of 2021 potentially to vaccinate the…

It may take a few days before enough votes are counted to determine who won the election, but there are a few preliminary conclusions that can be drawn. As of this moment, the presidential race remains too close to call, although it seems more likely that the Senate remains Republican by a few seats, and…

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