Weekly Market Update – February 1, 2020
Market Action Global equities struggled this week as worries over the coronavirus spread faster than the virus itself. Anxiety about the outbreak caused the yield on the US 10-year Treasury note to fall 17 basis points to 1.53%, as the yield curve flattened....
Global Trade, PMIs, Transformation, and Market Implications: When Lincoln Read Whitman’s Poetry
The latest figures on global trade portray a picture of contraction. Have we entered into a period of deglobalization? The figures tell us a story of the longest period of contraction since the crisis more than ten years ago. Six consecutive months of year-on-year...
Weekly Market Update
Market Action Global equities saw little change this week while the opposite can be said for the yield on the US 10-year Treasury note. Investor concern over the rapidly spreading coronavirus outbreak which could inhibit global growth sent the yield on the US...
More Important than Valuation: Understanding the Value of Return on Invested Capital
By Joel N. Charalambakis "In the long term, it's hard for a stock to earn a much better return than the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you're not going to...
Weekly Market Update
Market Action Global equities continued their advance into record territory, again crossing the 29,000 line. Despite the strong equity market performance, the yield on the 10-year US Treasury remained at 1.84% while the price of a barrel of West Texas...
Earnings, Valuations, and Equity Markets
Looking back to 2019, we don’t think that it would be a stretch to claim that lower rates and the dovish approach by the Fed lifted up valuations and played a very significant role in the spectacular rise in equities (not that debt markets did not also perform well)....
Weekly Market Update
Market Action Global equities continued their record run this week. The Dow Jones crossed 29,000 for the first time ever on Friday. The yield on the US 10-year Treasury note rose two basis points to 1.84% while the price of a barrel of West Texas Intermediate...
The Rising Turmoil in the Middle East and the Implications for Portfolio Hedging
There is no doubt that the death of Qassem Soleimani may become a stepping-stone for rising violence, turmoil, volatility, risks, and even a new war in a troubled region of the world. The uncertainty that it generates is exacerbated by the possibility that Russia or...
Weekly Market Update
Market Action Global equities changed little this week after gains made earlier in the week were given up after a US airstrike killed the top Iranian general in Baghdad, Iraq. The note on the 10-year US Treasury note dropped to 1.82 percent while the price of a...
Crossroads: At the Intersection of Geopolitics and Geoeconomics
Here is a summary of the most important events that unfolded last month, and which may affect economic, financial and geopolitical issues in the months ahead: North America The United States (US) House of Representatives voted to impeach President Donald Trump for his...
