Research & News
Daily Comment (July 24, 2024)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! S&P 500 futures are indicating a subdued open as investors digest earnings. In sports news, Team USA’s basketball team defeated Germany in its final Olympic tune-up. Today’s Comment begins with our analysis of why the Magnificent 7 companies might be… Read More »
Daily Comment (July 23, 2024)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a new update on the Summer Olympic Games, which begin on Friday. Importantly, there are reportedly hundreds of thousands of tickets still available. We next review several other international and US developments with the potential to affect… Read More »
Bi-Weekly Geopolitical Report – Meet Ferdinand Marcos Jr., President of the Philippines (July 22, 2024)
by Daniel Ortwerth, CFA | PDF Seven short weeks ago, we published a report on the brewing tensions between China and the Philippines in the South China Sea, focusing on their dispute over the Second Thomas Shoal. Despite the tight time interval since that report, the brisk pace of continuing developments in the area and… Read More »
Keller Quarterly (July 2024)
Letter to Investors | PDF We are in a season when the average investor is not thinking much about the normal factors of investment risk and return, such as interest rates or economic growth. Investors are now focused on politics, first and foremost. This is understandable, and not just because this is a presidential election… Read More »
Daily Comment (July 22, 2024)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with some initial comments on President Biden’s decision over the weekend to withdraw from the November election. We next review several other international and US developments with the potential to affect the financial markets today, including an apparent… Read More »
Daily Comment (July 19, 2024)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! S&P 500 futures are off to a modest start. In sports news, Caitlin Clark broke the WNBA assist record. Today’s Comment will discuss the recent massive tech outage, the overperformance of small caps relative to large caps, and our thoughts… Read More »
Daily Comment (July 18, 2024)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! S&P 500 futures are improved from yesterday following TSMC’s outlook. In sports news, Team USA crushed Serbia in an exhibition game, just 11 days before their Olympic opener. Today’s Comment dives into three key topics: the growing rivalry between the… Read More »
Daily Comment (July 17, 2024)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! S&P 500 futures are off to a slow start as investors look for more confidence in the data. In sports news, the players of the American League were able to beat the National League in the MLB All-Star game. Today’s… Read More »
Asset Allocation Quarterly (Third Quarter 2024)
by the Asset Allocation Committee | PDF Domestic economic growth is expected to be solid on continued supply chain rearrangement, the resulting domestic industrial production, and supportive fiscal stimulus. There is no recession in our forecast. With the Fed remaining data-dependent regarding the fed funds rate, we believe the likelihood is diminishing for multiple rate… Read More »