Research & News
Weekly Energy Update (October 19, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Continued tensions in the Middle East are supporting crude oil prices. (Source: Barchart.com) Commercial crude oil inventories fell 4.5 mb compared to forecasts of a 0.6 mb draw. The SPR was unchanged, which puts the net draw at 4.5 mb. In the details, U.S.… Read More »
Daily Comment (October 18, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with news of further U.S. restrictions on the sales of advanced semiconductors and related equipment and services to China—a move that is sure to put additional strains on the U.S.-China relationship and keep investors on edge. We next… Read More »
Keller Quarterly (October 2023)
Letter to Investors | PDF One quarter ago I discussed the inadvisability of living in the future (or the past), at least as far as investing goes. Much better, we said, to stay in the present, investing in what is, not what if. Today we deal with the difficulty of investing in the present. The… Read More »
Daily Comment (October 17, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Our Comment today opens with a discussion of how difficult it is for countries to abandon the U.S. dollar for international trade. We next review a range of other international and U.S. news with the potential to affect the financial markets today,… Read More »
Bi-Weekly Geopolitical Report – What Shall We Call the New Era? (October 16, 2023)
Patrick Fearon-Hernandez, CFA | PDF Whether you’re a policymaker, an investor, a small business owner, or simply a student of world history and international affairs, it’s useful to have meaningful labels for various epochs. Ideally, such a label is widely accepted and captures some essential aspect of the era you’re thinking about, making it easier… Read More »
Daily Comment (October 16, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF With last week’s events in Israel serving as a reminder of how the world is becoming more violent and chaotic as the post-Cold War era comes to an end, today’s Comment opens with an update on the all-important risk of a Chinese… Read More »
Daily Comment (October 13, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Equities are up slightly, and the Atlanta Braves are out of the playoffs. Today’s Comment starts with our thoughts on the inflation report. We then follow with discussions on rising global borrowing costs, the Polish Parliamentary elections, and provide an… Read More »
Weekly Energy Update (October 13, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF The Hamas attack on Israel did lift oil prices earlier this week, but markets are mainly taking a “wait and see” approach to prices so far. (Source: Barchart.com) Commercial crude oil inventories jumped 10.2 mb compared to forecasts of a 0.4 mb draw. The… Read More »
Daily Comment (October 12, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EDT] | PDF Good morning! Equities are off to a great start and the Dodgers are out of the playoffs. Today’s Comment begins with a discussion of the increased scrutiny facing social media companies, our analysis of the latest FOMC meeting minutes, and an update… Read More »