Research & News
Asset Allocation Bi-Weekly – Small Caps and the Hope for a Soft Landing (June 24, 2024)
by the Asset Allocation Committee | PDF They don’t call him Maestro for nothing. In the mid-1990s, Federal Reserve Chair Alan Greenspan achieved what was once thought of as impossible: an economic soft landing. As the US labor market showed signs of tightening, he raised interest rates from 3% to 6% in 1994 to preemptively… Read More »
Bi-Weekly Geopolitical Report – Mid-Year Geopolitical Outlook: Uncertainty Reigns (June 17, 2024)
by Patrick Fearon-Hernandez, CFA, Thomas Wash, Daniel Ortwerth, CFA, and Bill O-Grady | PDF As the first half draws to a close, we typically update our geopolitical outlook for the remainder of the year. This report is less a series of predictions as it is a list of potential geopolitical issues that we believe will… Read More »
Asset Allocation Bi-Weekly – Copper, Gold, Treasurys, and the New World (June 10, 2024)
by the Asset Allocation Committee | PDF Early 2023 served as a stark reminder that correlations can break down when least expected. Last year, a decline in the copper/gold ratio led many investors to anticipate a fall in longer-term yields, particularly for the 10-year Treasury note. However, these expectations were shattered as yields not only… Read More »
Bi-Weekly Geopolitical Report – The Philippines, China & Escalation in the South China Sea (June 3, 2024)
by Daniel Ortwerth, CFA | PDF On the short list of seemingly constant topics in the news today is the rising tension between the United States and the People’s Republic of China. Across the spectrum of issues, disagreement between these two great powers seems increasingly unavoidable. Geopolitical developments in every corner of the globe often… Read More »
Asset Allocation Bi-Weekly – The Importance of the Federal Reserve’s Inflation Target (May 28, 2024)
by the Asset Allocation Committee | PDF Money has three characteristics: medium of exchange, store of value, and unit of account. When money is taught in undergraduate economics classes, these three functions are treated as self-evident, but careful observation suggests that that the first two characteristics are contradictory. If a monetary authority emphasizes the medium… Read More »