Research & News
Daily Comment (April 23, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Investors are closely tracking the president’s latest remarks on trade policy and a flurry of earnings reports. In sports, the Lakers evened their playoff series with a decisive win over the Timberwolves. Today’s Comment will examine softening trade tensions, renewed… Read More »
Daily Comment (April 22, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the latest bout of apparent capital flight from the US financial markets, which drove stocks sharply lower yesterday. We next review several other international and US developments with the potential to affect the financial markets today, including… Read More »
Daily Comment (April 21, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the death of Pope Francis and how it could affect geopolitics and global economics going forward. We next review several other international and US developments with the potential to affect the financial markets today, including another jump… Read More »
Daily Comment (April 17, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning. Global monetary policy concerns are currently a key focus for the market. In sports, reigning Champions League titleholders Real Madrid were eliminated by Arsenal. Today’s Comment will address recession fears in Canada, the Federal Reserve’s policy stance amid tariff uncertainty,… Read More »
Asset Allocation Quarterly (Second Quarter 2025)
by the Asset Allocation Committee | PDF Our three-year forecast includes an economic slowdown in the near term and potential recovery later in the period. As the recession likelihood has increased significantly, we are reducing risk across the portfolios. Trade and fiscal policy uncertainty will continue to dampen business investment as well as consumer and… Read More »
Keller Quarterly (April 2025)
Letter to Investors | PDF Many readers of this letter have a personal history with that grand old firm, A.G. Edwards & Sons. In January, we alumni bid farewell to a dear friend, respected colleague, and larger-than-life individual, Al Goldman. As that firm’s longtime market analyst and strategist, Al was well-acquainted with every market move… Read More »
Daily Comment (April 16, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! The markets are weighing the latest retail sales. In sports, both the Golden State Warriors and Orlando Magic have clinched playoff berths in the NBA. Today’s Comment will focus on interpreting what import prices indicate about inflation pressures, examine the… Read More »
Daily Comment (April 15, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with developments in the global auto and oil industries, largely reflecting the Trump administration’s new US tariff policies. We next review several other international and US developments with the potential to affect the financial markets today, including a… Read More »
Daily Comment (April 14, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Against the backdrop of President Trump’s on-again/off-again policy moves and mixed messages, we think his 90-day pause on non-China “reciprocal” tariffs last week is confirmation that his top target in the trade war is China, as it likely should be. Since that… Read More »
Asset Allocation Bi-Weekly – From Magnificent 7 to European Revival (April 14, 2025)
by Thomas Wash | PDF European equities have long suffered from investor skepticism and been burdened by perceptions of excessive regulation, bureaucratic inertia, and elevated operating costs. These structural challenges have historically overshadowed the region’s fundamental strengths. Yet 2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US… Read More »