More than 65% of companies that have reported earnings in the last few days have beaten estimates, which is a little bit higher than the long-term average. So and as […]

Collective hallucinations are dangerous. Undershooting carries risks, but overshooting could have much more serious consequences. Ignoring history is detrimental. Hubris backfires and lack of foresight demonstrates foolishness. My fear is […]

The market celebrated a Dow Jones Industrial Average that reached 20,000 yesterday. Is this too much of good news? Is it sustainable and could it be that investors are carried […]

One of the main issues debated at the Davos conference this week is the possibility of a new trade regime, as President Trump takes office. Discontent with globalization and the […]

In last week’s commentary we covered mainly the initial outlook for equities. In today’s post we would like to present an initial outlook for other markets such as bonds, commodities, […]

The only certain thing about a prognostication is that it will be wrong. Keeping that humble thought in mind, we offer our readers our initial thoughts on the markets’ trajectory […]

  As I was boarding my usual end-of-the-year overseas flight I could clearly hear the arguments of a heated debate: “Do values matter and are they supposed to create the […]

Historically speaking credit markets serve as a reliable signal regarding global economic conditions. Tight spreads between corporate and government bonds have been indicating improving economic conditions, faster growth, higher incomes […]

Since the presidential election equity funds have experienced four consecutive weeks of inflows, while bond funds have been experiencing outflows. This makes sense if we consider the anticipated lower tax […]

There is rhetoric, and then there is reality. There are expectations, and then there is reality. There is a death valley but also the valley of peace. There are fears, […]