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
Whether it’s the EU, ECB, FED, NAFTA, TPP, WTO, IMF, QE, ZIRP or now NIRP … the whole alphabet soup of established economic policy and international free trade seems to have come under intense scrutiny this year. While our own domestic election year politicking certainly plays an inflammatory role, we are struck by the far-reaching … Continued
When the Federal Reserve ended its stimulative bond buying program, commonly known as “Quantitative Easing”, some investors questioned whether the U.S. economy would be able to support itself without additional stimulus. Since that time, the economy has continued to grow, albeit at a slow pace, and global equity markets have slogged through a volatile period … Continued
The decade leading up to the Great Depression was a period of significant technological advancement, broad cultural achievement and well-documented economic prosperity. Often overlooked, however, was that it was also a period of deep grief in the wake of World War I, the greatest trauma the world had known up until that moment. This unique combination … Continued
“The problem with QE is it works in practice but it doesn’t work in theory.” – Ben Bernanke’s quip in his final public appearance as Chairman of the Federal Reserve One of the more dangerous phrases used in the investment world is ceteris paribus. All else is seldom equal and the market’s core narrative … Continued
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” – Warren Buffett With Halloween fast approaching, it appears the stock market has decided to let one of its seemingly long lost goblins out of the closet – volatility. While most of us would prefer to … Continued
The greatest trick the devil ever pulled was convincing the world he didn’t exist.” – Keyser Söze, from the 1995 film “The Usual Suspects” When censors first sat down and watched the movie Psycho, they deemed it to be too violent. In response, Hitchcock reviewed with them the violent scenes frame-by-frame. To their amazement, there was … Continued