Research & News
Weekly Energy Update (April 29, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After the recent rally in prices, the market is consolidating recent gains and establishing a larger trading range between $68 to $58 per barrel. (Source: Barchart.com) Crude oil inventories rose 0.1 mb compared to the 1.0 mb draw expected. The SPR fell 1.4 mb,… Read More »
Weekly Geopolitical Report – Irish Border Revisited (April 26, 2021)
by Thomas Wash | PDF It has been more than a year since the U.K. and European Union (EU) came to terms with the Withdrawal Agreement, yet questions remain on how it will impact Northern Ireland, which was granted an exception to remain in the EU. Having decisively voted 56% to 44% to remain a… Read More »
Asset Allocation Weekly (April 23, 2021)
by Asset Allocation Committee | PDF A decade ago, the Rent Is Too Damn High Party became a viral sensation after a candidate for the New York governorship, Jimmy McMillan, announced lowering New York rent as his central platform. Now, over a decade later, rent prices in New York have finally started to fall. The… Read More »
Keller Quarterly (April 2021)
Letter to Investors | PDF Here we are again, with the U.S. stock market rising nicely and hitting new highs. I am getting two questions almost daily. The first is: “Is this real?” That’s a way of asking, “Can you trust this rally?” Our firm has, since the middle of last year, been consistent in… Read More »
Weekly Energy Update (April 22, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After the recent rally in prices, the market is consolidating recent gains and establishing a larger trading range between $68 to $58 per barrel. (Source: Barchart.com) Crude oil inventories rose 0.6 mb compared to the 3.4 mb draw expected. The SPR fell 0.7 mb,… Read More »
Asset Allocation Quarterly (Second Quarter 2021)
by the Asset Allocation Committee | PDF Monetary and fiscal stimulus are expected to help propel the U.S. economy through recovery into expansion over our three-year forecast period. Global central banks have been, and should continue to be, excessively accommodative as the world emerges from lockdowns caused by the pandemic. Inflation numbers may appear stark… Read More »
Weekly Geopolitical Report – What Population Aging Means for Global Inflation and Growth (April 19, 2021)
by Patrick Fearon-Hernandez, CFA | PDF One key worry for investors these days is whether fiscal stimulus, loose monetary policy, and accelerating economic growth will spark runaway inflation. That concern has been a major factor in driving down fixed income prices and boosting bond yields since the start of the year. However, we’ve been arguing… Read More »
Asset Allocation Weekly (April 16, 2021)
by Asset Allocation Committee | PDF In the NBC mockumentary show The Office, the character Jim Halpert gets tricked into choosing his wife, Pam, as “Employee of the Month.” Perplexed and suspicious, coworkers begin to probe into how Jim’s wife was deserving of the award. Pam, who was also surprised, attempts to justify the result,… Read More »