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The Case for Buying October’s Dip
The S&P 500 declined 6.9% in October as expectations for 2019 earnings comparisons downshifted. With 2018 earnings up 22% and the approaching anniversary of The
Global Equity Market Performance Will Revert to the Mean in 2019
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
Are Trump’s Foreign Policy and Tariffs Reckless?
The economy is heating up. The second quarter GDP was revised upward to 4.2% from 4.1%. Walmart, the nation’s largest retailer, reported second-quarter sales of
Melt-Up, Mr. Grantham? S&P Earnings and US GDP Growth Strengthen.
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
Strategies for the Bursting Bond Bubble
This year’s increased stock market volatility and sharp declines in the emerging markets are the result of rising interest rates. If interest rates revert to
Rising Interest Rates are Fundamentally Changing Investing
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
Are 3% 10-year US Treasury Yields the Death Knell for Stocks, Bonds and Real Estate?
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
We Are Not in Kansas Anymore
“Toto, I have a feeling we are not in Kansas anymore,” Dorothy famously said in the children’s classic The Wizard of Oz. In the same
The Bond Bear Market and Asset Allocation
February’s swift stock market correction[note]We refer to February’s decline as a mini-crash in that computerized trading drove wild price swings on February 5th that was
Echoes of 1987 Crash: Derisk Your Assets with MLPs, Sector Rotation and Options.
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
IGA Quoted in WSJ, MLPs as a Hedge and Energy’s Emerging Bull Market
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
Extraordinary Tax Bounce Opportunity for MLPs
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