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While the US equity market is at record highs, we have become more positive on the market and the economy in recent letters. Fears that
Both S&P 500 earnings estimates and the US economy are accelerating. This combination of improving fundamentals revives the prospects for another leg up in the
This month’s letter argues that rising rates are fundamentally changing investing and asset allocation. Our basic premise is that interest rates are artificially low and
The remarkable 34-year bull market in bonds which enriched stock, bond and real estate investors for the last three decades, broke another key milestone in
Market Risk Overview: The accelerating rise of the stock market marks the final stage of this ripping bull market. Interest rates are rising, and stocks
Investors enter 2018 with mature US equity and bond markets wobbly and midstream energy MLPs advancing in an emerging energy bull market. MLPs offer defensive high