Research & News
Weekly Geopolitical Report – Could the Coronavirus Pandemic Break Up the EU? – Part II (April 6, 2020)
by Patrick Fearon-Hernandez, CFA (Note: Due to the Easter holiday, our next report will be published on April 20.) In Part I of this report we examined the history of the European Union (EU), how it works, and the political, economic, and social fissures that had already rendered it unstable when the COVID-19 pandemic took… Read More »
Asset Allocation Weekly (April 3, 2020)
by Asset Allocation Committee Earlier this year and late last year we recorded a series of podcast episodes that examined the issue of making decisions under conditions of uncertainty. Episode #5 discussed the issue in broad terms, offering a general framework for examining such decisions. In the end, the key to making these decisions comes down… Read More »
Weekly Energy Update (April 2, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA Crude oil inventories rose 13.0 mb compared to the forecast rise of 3.5 mb. In the details, U.S. crude oil production was unchanged at 13.0 mbpd. Exports fell 0.7 mbpd, while imports declined 0.1 mbpd. Refining activity fell 5.0%, well more than the 0.1% decline forecast. … Read More »
Asset Allocation Quarterly (Second Quarter 2020)
The prospect of a recession in the U.S. is nearly a foregone conclusion. The depth will likely be severe, but the duration could be brief. Actions over the past two weeks by the U.S. Federal Reserve should help mitigate the economic crisis, potentially avoiding problems faced in past downturns. The stimulus package signed into law… Read More »
Weekly Geopolitical Report – Could the Coronavirus Pandemic Break Up the EU? – Part I (March 30, 2020)
by Patrick Fearon-Hernandez, CFA In times of crisis, the future is a luxury. Or, at least, thinking about the future can seem like a luxury, especially if you’re reeling from the death of a loved one, the loss of a job, the devastation of a retirement portfolio, or just the boredom and isolation of a… Read More »
2020 Outlook Update #2: Storm Warning (March 27, 2020)
by Bill O’Grady & Mark Keller | PDF We have been updating our 2020 Outlook to keep you informed of our thoughts as conditions evolve. We have refreshed some of the charts from our update last week and added new comments, included below in bold. Update #2: March 27, 2020 | Update #1: March 16,… Read More »
Asset Allocation Weekly (March 27, 2020)
by Asset Allocation Committee We continue to monitor the path of the economy and markets as our expectations for a recession loom. This week we will update our S&P 500 earnings forecast for 2020. We use two components to build our forecast for S&P per share earnings. First, we need to estimate GDP. Normally, we use… Read More »
Weekly Energy Update (March 26, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA Crude oil inventories rose 1.6 mb compared to the forecast rise of 3.0 mb. In the details, U.S. crude oil production fell 0.1 mbpd to 13.0 mbpd. Exports fell 0.5 mbpd, while imports declined 0.4 mbpd. The inventory build was less than forecast due to a… Read More »