Research & News
Weekly Geopolitical Report – The U.S.-China Balance of Power: Part IV (February 8, 2021)
by Patrick Fearon-Hernandez, CFA | PDF (Note: Due to the Presidents’ Day holiday, our next WGR will be published on February 22.) This multi-part report aims to assess the current balance of power between the U.S. and China and what that implies for how the competition may play out in the coming years. Part I… Read More »
Asset Allocation Weekly (February 5, 2021)
by Asset Allocation Committee | PDF The residential real estate market has made a strong recovery over the past year. Virtually all areas of housing, including home prices, starts, and ownership are showing signs of strength. Let’s start with prices. Home prices have been very strong recently. This chart shows single-family existing home sales. Over… Read More »
Weekly Energy Update (February 4, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices broke out of their recent trading range and are now well above $55 per barrel. Commercial crude oil inventories unexpectedly fell 1.0 mb when a build of 3.0 mb was forecast. In the details, U.S.… Read More »
Weekly Geopolitical Report – The U.S.-China Balance of Power: Part III (February 1, 2021)
by Patrick Fearon-Hernandez, CFA | PDF In Part II of this report, we provided a head-to-head comparison of U.S. and Chinese military power. Obviously, military power is the ultimate source of coercion that one country can use to influence others. During non-conflict times, however, countries tend to use less violent means of influence. One of… Read More »
Asset Allocation Weekly (January 29, 2021)
by Asset Allocation Committee | PDF Although there are always sundry risks to financial markets, a proximate and substantial risk comes from inflation. Of course, there is always risk of some degree of generalized price changes to financial assets. It also is important to realize that there is always some degree of inflation or deflation… Read More »
Keller Quarterly (January 2021)
Letter to Investors | PDF There is an adage I repeat to my colleagues during every election cycle (of which I’m sure they’ve long ago grown tired): “We don’t get to manage money in the world we wish we had, we can only manage money in the world we have.” Every four years approximately half… Read More »
Weekly Energy Update (January 28, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices are consolidating between $54 to $52 dollars per barrel after a strong rally from early November into late January. Commercial crude oil inventories unexpectedly fell 9.9 mb when a build of 1.5 mb was forecast.… Read More »