Research & News
Daily Comment (January 28, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a few observations on yesterday’s rout in Western technology stocks related to artificial intelligence. We next review several other international and US developments with the potential to affect the financial markets today, including signs that China’s property… Read More »
Bi-Weekly Geopolitical Report – Trump and the Political Economy of Alliances (January 27, 2025)
by Patrick Fearon-Hernandez, CFA | PDF Now that President Trump is back in office, we think investors are about to see major changes in how the United States deals with the rest of the world. Trump, Treasury Secretary Bessent, and other key officials have signaled they will push to dramatically shift US policies on national… Read More »
Daily Comment (January 27, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a discussion of today’s rout in global technology stocks. We next review several other international and US developments with the potential to affect the financial markets today, including more data pointing to sluggish economic growth in China… Read More »
Daily Comment (January 24, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with new, market-driving statements by President Trump regarding global energy supplies and US tariff policy. We next review several other international and US developments with the potential to affect the financial markets today, including new signs that Europe… Read More »
Keller Quarterly (January 2025)
Letter to Investors | PDF Here we are in 2025. I must admit that, growing up in the 1960s, I couldn’t even imagine what 2025 would be like. If I had tried, I probably would have had some science fiction-like expectation — that I’d be commuting to work in a flying car, that I’d have… Read More »
Daily Comment (January 23, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! The market is currently awaiting President Trump’s remarks at Davos. In sports news, Aryna Sabalenka is one step closer to becoming the first woman since 1999 to win three consecutive Australian Opens. Today’s Comment will discuss Argentina’s unwillingness to take… Read More »
Daily Comment (January 22, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Markets are paying close attention to the new president. In sports, Ichiro Suzuki, CC Sabathia, and Bill Wagner were inducted into the National Baseball Hall of Fame. Today’s Comment covers Trump’s first few days in office, including his threats of… Read More »
Daily Comment (January 21, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a sampling of the key executive orders President Trump issued immediately after being inaugurated to his new term in office yesterday. We next review several other international and US developments with the potential to affect the financial… Read More »
Asset Allocation Bi-Weekly – Magnificent 7 to the Rescue! (January 21, 2025)
by the Asset Allocation Committee | PDF The traditional role of Treasurys as a safe-haven asset has eroded. For example, Treasury prices fell in the last quarter of 2024 despite escalating geopolitical tensions in the Middle East, concerns about global economic growth, and heightened political uncertainty in developed nations. This weakening in the demand for… Read More »