Research & News
Asset Allocation Weekly – Has Bitcoin Become a Substitute for Gold? (October 8, 2021)
by the Asset Allocation Committee | PDF Over the last half-decade, one of the most dramatic developments in finance has been investors’ embrace of cryptocurrencies such as Bitcoin. Once considered merely an exotic technology with little relevance to investment portfolios, Bitcoin has now become a popular tool for investing. One reason for its popularity is… Read More »
Weekly Energy Update (October 7, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices are approaching $80 per barrel. (Source: Barchart.com) Crude oil inventories rose 2.3 mb compared to the 1.0 build forecast. The SPR declined 0.9 mb, meaning the net draw was 1.4 mb. In the details, U.S. crude oil production rose 0.2 mbpd to 11.3… Read More »
Weekly Geopolitical Report – Afghanistan, Part IV: China (October 4, 2021)
by Thomas Wash | PDF In Part I of this report, we reviewed the history of Afghanistan and why great powers have fought over it for centuries. Part II examined how the United States exit from Afghanistan will affect Pakistan, India, and Iran. Last week, Part III focused on how the U.S. exit will play… Read More »
Asset Allocation Weekly – The Prices We Don’t See (October 1, 2021)
by the Asset Allocation Committee | PDF For four consecutive months, consumer prices as measured by the Consumer Price Index (CPI) have risen 5% from the prior year. The pace of inflation has sparked concerns that the Federal Reserve may be wrong in describing inflation as being transitory. However, our research suggests there may be… Read More »
Weekly Energy Update (September 30, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices have rallied to above $75 per barrel. (Source: Barchart.com) Crude oil inventories unexpectedly rose 4.6 mb compared to the 2.5 mb draw forecast. The SPR declined 0.9 mb, meaning the net draw was 3.8 mb. In the details, U.S. crude oil production rose… Read More »
Weekly Geopolitical Report – Afghanistan, Part III: Russia and Central Asia (September 27, 2021)
by Patrick Fearon-Hernandez, CFA | PDF In Part I of this report, we reviewed the history of Afghanistan and why great powers have fought over it for centuries. In Part II, last week, we examined how the United States exit from Afghanistan will affect Pakistan, India, and Iran. This week, our focus is on how… Read More »