When thinking about portfolio diversification, investor minds often focus on how much in bonds to own against their stock allocations. But as we saw most recently in 2022, limiting our diversification thinking exclusively to these two asset classes can have its limits. The good news is that capital markets offer a variety of highly liquid asset classes that are widely … Read More
Spring is in the Air
There is still a nip that remains in the air, but you can occasionally drive the car with the windows open a crack or pop open the sunroof to move some crisp air around. Mother Nature though, still holds all the cards close to her chest and we can still deal with some nasty, cool weather well into May. Therefore, … Read More
Economic & Market Report: Outlook 2024 – 3/4 Pole
Hard to believe the first quarter of 2024 is drawing to a close. As we pass the 3/4 pole in our 8 furlong race through the calendar year, it is worthwhile to assess the key market events that are now behind us and what lies ahead in the horse race to the year-end finish line. Starting gates. A key market … Read More
Economic & Market Report: The Monopolistic Seven
On Thursday, the U.S. Department of Justice (DOJ) in conjunction with a bipartisan group of state attorneys general announced an antitrust lawsuit against technology giant Apple. The filing claims that Apple engaged in anticompetitive behavior through its control of the iPhone, resulting in harm to businesses and consumers. This suit is the latest in a series of recent bipartisan antitrust … Read More
Economic & Market Report: The Ides of March
The middle of March was certainly a bad time of year for Julius Caesar, but what about capital markets? After all, it was almost exactly one year ago when investors were looking directly into the abyss of another potential financial crisis with the sudden unraveling of Silicon Valley Bank, Signature Bank, and global banking giant Credit Suisse. Where do we … Read More
That First Blast of Fresh Air
The one-off, unseasonably warm and sunny day is always a welcome gift during the doldrums of a New England winter. This year, especially, it feels like we haven’t seen the sun for more than a handful of days, and, despite the mild temperatures, winter has seemed longer and gloomier than ever. Until now. We were gifted a beautiful Sunday a … Read More
Economic & Market Report: Looking Beneath The Surface
“Look beneath the surface; let not the several quality a thing nor its worth escape thee.” – Marcus Aurelius The gains in the U.S. stock market keep on coming. This includes the headline benchmark S&P 500, which is now up over +7% year to date with seemingly any and all dips (Tuesday this week) almost immediately being bought (Wednesday this week). … Read More
Economic & Market Report: Shortness of Breadth
The U.S. stock market is flying once again this year. After posting an impressive +24% advance in 2023, a year when many prognosticators thought that the market would descend further into bear territory instead of skyrocketing, the S&P 500 Index is already up nearly +7% in 2024 so far. But a troubling characteristic continues to linger for the U.S. stock … Read More
Toes in the Sand
There is something about feeling the sand between your toes while strolling along the beach that is so relaxing. That is not true for everyone, but it certainly is true for me. This past week I was extremely fortunate to have the “toes in the sand” feeling many times. A quick burst from Tweed New Haven on Avelo to Sarasota … Read More
Monthly Budget Review | February 2024
Budget Totals Through January (billions of dollars) Actual FY 2023 Preliminary FY 2024 Y-O-Y Change Receipts 1473 1585 112 Outlays 1933 2116 183 Defecits -460 -531 -71 Source: Congressional Budget Office Last month, we pointed out that taxes withheld from paychecks have been falling in a manner which previously had been associated either with recessions, pandemics, or changes in the … Read More