Asset Allocation Reports
Asset Allocation Weekly (November 6, 2020)
by Asset Allocation Committee | PDF In his book entitled The Counter-Revolution in Monetary Theory, Milton Friedman states that, “Inflation is always and everywhere a monetary phenomenon in a sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” This sentiment shaped both… Read More »
Asset Allocation Weekly (October 30, 2020)
by Asset Allocation Committee | PDF Many investment managers think of “foreign equities” as one big, monolithic asset class and leave it at that. When setting a portfolio’s asset allocation strategy, many simply assign a certain percentage to the asset class and implement it by investing in a broad international index fund. Here at Confluence,… Read More »
Asset Allocation Weekly (October 23, 2020)
by Asset Allocation Committee | PDF The measures adopted to combat the spread of COVID-19 caused one of the most unusual recessions in American economic history. Although all recessions have their own unique characteristics, the recession that began in February was historically deep; it is likely already over too, making it one of the shortest… Read More »
Asset Allocation Quarterly (Fourth Quarter 2020)
by the Asset Allocation Committee | PDF We believe that we are now in an economic recovery which we expect to be long and slow moving. The Federal Reserve will likely continue to be aggressively accommodative, as will other global central banks, providing a favorable backdrop for equities. With an accommodative Fed, we retain elevated… Read More »
Asset Allocation Weekly (October 16, 2020)
by Asset Allocation Committee | PDF Of all the different economic indicators published by the government and private entities, one of the least followed, but potentially very enlightening, is the Census Bureau’s monthly report on business inventories. The report tracks the value of inventories on hand each month at the retail, wholesale, and manufacturing levels… Read More »