Newsletters

39 years ago, the 10-year US Treasury yield peaked at 15.312% and interest rates began declining. On August 27th, Federal Reserve Chairman Jerome Powell presented the

Sell gold and precious metals like GLD, GDX and SLV. Sell Big Tech like AMZN, AAPL, FB, GOOGL and MSFT. Pivot investments for an economic

The COVID-19 tragedy is entering its final stages. The rate of coronavirus spread and death have slowed. Social distancing policies and stay-at-home orders have mitigated

In response to the COVID-19 epidemic and the March 9th OPEC+ oil collapse–two Black Swans–the S&P 500 declined 35% between February 20th and March 23rd.

MLPs have historically compelling valuations with unusually high yields. MLPs experienced multiple black swan events creating extreme bargains. Relative to Treasuries, MLP prices are three

MLPs are at historically low prices and historically high yields. MLP cashflows are stable with single digit downside Relative to Treasuries, MLP prices are three

The Fed Model is a screaming buy–highest levels in three decades. •    High yielding investments with good underlying cashflows like KYN and KMF are compelling.

Market decline of 33% on par with 1987. •    MLP Treasury spreads at historic levels. •    MLPs have stable cash flows. •    KYN looks especially

Market decline of 30% over with massive breadth and volume readings VIX, Fed Model and MLP Treasury spreads at historic levels. MLPs have stable cash

Worsening coronavirus or COVID-19 news drove a 12.4% decline in the Dow Jones Industrial Average, last week, erasing $5 trillion in global equity market value.

We revised our S&P 500 2020 Fed Model price target up to 5905 (up 88%). This letter reviews how recent decades of extreme Central Bank

The 2020s will produce important new trends in the global markets which this letter will explore. The new investment themes for the 2020s are: Rising