Research & News
Weekly Energy Update (August 5, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After last week’s recovery, selling has resumed; this week’s data and fears of weaker demand due to COVID-19 are pressuring prices. (Source: Barchart.com) Crude oil inventories unexpectedly rose 3.6 mb compared to the 3.2 mb draw forecast. The SPR was unchanged this week. In… Read More »
Weekly Geopolitical Report – Power, Influence, and Leadership in Geopolitics (August 2, 2021)
by Patrick Fearon-Hernandez, CFA | PDF Xi Jinping. Donald Trump. Vladimir Putin. Ronald Reagan. Nelson Mandela. When it comes to understanding geopolitics, most of us probably focus on the powerful, visionary leaders who can drive events forward toward their goals. But few of us really try to think systematically about the characteristics that make a… Read More »
Asset Allocation Weekly (July 30, 2021)
by the Asset Allocation Committee | PDF One of the key developments in financial markets recently has been the quick rebound in bond prices and the associated drop in yields. As investors started to sense faster economic growth and the prospect of rising inflation in the first quarter, they eagerly sold down their bond holdings,… Read More »
Weekly Energy Update (July 29, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF After last week’s selling, prices have recovered back above $70 per barrel. (Source: Barchart.com) Crude oil inventories fell 4.1 mb compared to the 2.1 mb draw forecast. The SPR was unchanged this week. In the details, U.S. crude oil production fell 0.2 mbpd at… Read More »
Weekly Geopolitical Report – The Protests in Cuba (July 26, 2021)
by Bill O’Grady | PDF Over the past two weeks, Cuba has been racked with widespread protests. As this map suggests, the civil unrest was scattered across the island nation. The widespread nature of the protests suggests some degree of coordination (and, it appears there was). Two groups, the San Isidro Movement and the 27N… Read More »
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 »