Liquidity – That Giant Sloshing Sound

In the decade since the severe credit crisis of 2008, the Federal Reserve Bank has pumped over three trillion dollars of liquidity into the markets by purchasing Treasuries, mortgage bonds and other assets. The Fed has also kept interest rates relatively low, despite its recent short-term rate hikes and its initial efforts to gradually shrink … Continued

The Plot Thickens: More Than Meets the Eye

As we reflect on the last eight years, various stages of the economic and market recovery have unfolded like chapters in a book.  Many parts have told a predictable tale and, at various times, we have been left wondering if there would be an unpredictable twist or a surprise ending.  While the story may be … Continued

It’s Not the Years, It’s the Mileage

Forecasting in 2016 was a tough business to be in given the wild year politically, the meaningful jump in interest rates – and rising geopolitical uncertainty broadly.  It is hard to imagine the U.K. decision to leave the European Union or the U.S. election outcome making the world a more predictable place, yet each of … Continued

Fourth Quarter and Full Year Review

In a year characterized by the unexpected, maintaining a disciplined approach to managing your portfolio was our primary objective.  During the unsettled economic environment that existed during the first half of the year, we used market volatility to rebalance your portfolio into the extreme sentiment we observed.  In the second half, given the noteworthy risk … Continued

Resolutions

“It was on this day when a solemn vow was made that the peacock became the great object of admiration, and whether it appeared at the banquet given on these occasions roasted or in its natural state, it always wore its full plumage … before all the assembled chivalry … and each made his vow … Continued

Emerging Markets “Hukou Economics”

While domestic markets reached all-time highs in 2013, emerging markets stumbled and declined just over 2% for the year in comparison to the 27% returns in international developed markets.  On an absolute basis this doesn’t seem so bad but, looking back at history, the last time a performance differential between emerging and developed markets this … Continued