Research & News
Keller Quarterly (July 2021)
Letter to Investors | PDF Judging by the questions we’ve received in the last couple of months, the stock and bond markets have confused many. This is OK. Trying to explain why the markets have recently done something is an impossible task. In a former life I was regularly asked by business reporters why the… Read More »
Asset Allocation Weekly (July 23, 2021)
by the Asset Allocation Committee | PDF The availability of ample investment capital is vital for economic growth in both rich, well-developed countries and poorer developing nations. However, if the available capital is poorly utilized and/or debt levels get too high, the results can be quite negative. In such a situation, economic growth can slow… Read More »
Weekly Energy Update (July 22, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF The OPEC+ agreement led to a deep selloff in oil prices, but the decline has attracted new buyers. (Source: Barchart.com) Crude oil inventories unexpectedly rose 2.1 mb compared to the 4.5 mb draw forecast. The SPR was unchanged this week. In the details, U.S.… Read More »
Asset Allocation Quarterly (Third Quarter 2021)
by the Asset Allocation Committee | PDF There is no recession within our forecast period. Monetary and fiscal stimulus should continue in the U.S. over our three-year forecast period, yet at a decreasing rate as the economy recovers. After a surge in inflation this year and into next year, resulting from the economic recovery following… Read More »
Weekly Geopolitical Report – Nigeria’s Conflict with Biafra and Social Media (July 19, 2021)
by Thomas Wash | PDF On June 2, Twitter (TWTR, $61.72) removed a tweet posted by Nigerian President Muhammadu Buhari that vaguely threatened Biafran separatists. Buhari’s tweet appeared to be in response to a series of attacks against Nigerian security forces and police officers. In any case, Buhari has become the latest high-level political leader… Read More »
Asset Allocation Weekly (July 16, 2021)
by the Asset Allocation Committee | PDF The pandemic-related expanded benefits for the unemployed are expected to end in September. States that have ended the booster early have seen a sharper decline in initial claims than states that haven’t ended them. Although the end of enhanced employment benefits could help resolve the labor shortage, there… Read More »
Weekly Energy Update (July 15, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Prices appear to be consolidating between $72 to $76 per barrel. (Source: Barchart.com) Crude oil inventories fell 7.9 mb compared to the 4.4 mb draw expected. The SPR was unchanged this week. In the details, U.S. crude oil production rose 0.1 mbpd to 11.4… Read More »
Weekly Geopolitical Report – Unrest in Colombia (July 12, 2021)
by Patrick Fearon-Hernandez, CFA | PDF When you find yourself surrounded by a squad of masked, black-clad fighters with their machine guns aimed at you, you can be pretty sure you’re about to have a bad day. The sense of foreboding was especially strong when this happened to me on a deserted road high up… Read More »