The Day After & the Era of Transformation
Here is our take on the articles summarized below: While we are certainly in a better place than we were a year ago at the pandemic’s onset, low vaccination rates and virus variants are threatening to derail the globe’s recovery. An additional risk to recovery...
Market Perspective, Verisimilitude, and Punishment: Lessons from Euripides’s Electra
During a recent trip overseas, a client asked me why I admire Edmund Burk. The question should not have caught me by surprise as we frequently discuss the impact of politics on the markets, but my immediate reflection/answer was to quote W. B. Yeats whose poem “The...
Weekly Market Update
Global Market News Global equities have mixed weekGlobal equities were a mixed bag this week. The S&P 500 ended the week up 0.02%, while the Dow Jones and Nasdaq closed down 0.50% and 0.39%, respectively. The yield on the US 10-year Treasury rose slightly to 1.62%...
Geopolitical Challenges and Statecraft
While the world is in a seemingly constant state of rising tensions, several events seem to have accelerated the pace. For this week’s geopolitical summaries, we examine the context for several of these conflicts while also looking at a potential way forward. To...
Current Thoughts on Earnings and Sentiment
“It takes the character to sit with all that cash and to do nothing. I didn’t get to where I am by going after mediocre opportunities.” – Charlie Munger Earnings season for the first quarter of 2021 has just begun and it promises to be one of the most interesting and...
Weekly Market Update
Global Market News Global equities drop slightlyFollowing a record-breaking week, global equities declined this week. The S&P 500 ended the week down 0.13%, while the Dow Jones and Nasdaq also dropped 0.46% and 0.25% respectively. The yield on the US 10-year...
Covid-19 and the Day After
Here is our take on the articles summarized below: Though the pandemic has devastated the global economy over the last year, there are signs of a robust economic recovery. National leaders are taking the opportunity the pandemic has presented to rebuild cities and...
Reopening & Execution Risks: Earnings Expectations and the New Wave of Innovations in Historical Perspective
The reflation trade that started in late 2020 and uplifted the fortunes of banks, energy, and small cap stocks might be experiencing a pause lately. However, as shown below, the earnings expectations for the full year are robust and strong. The fact that the leisure,...
Geopolitical Challenges & Statecraft
The global pandemic has had a destabilizing impact on many of the norms and institutions of world governance. For this week’s geopolitical look, we examine how several subsurface trends were brought to light by the crisis, focusing on a contraction of the middle...
Some Thoughts on Inflation
“The cure for high prices, is high prices.” Inflation has probably been the most debated and discussed macroeconomic variable of the past year. It’s been hotly discussed for much of the past decade as hysteria over QE/unconventional monetary policy has absorbed more...
