Economics

March 16, 2017

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Is Your Portfolio Prepared For the New Market Environment? The change that is underway in U.S. markets is no run-of-the-mill, short-term shift.  This is a sea-change — not business as usual.  We’re referring to the end of a thirty-year period...
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December 22, 2016

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Market Summary Over the next few months, we believe, the U.S. economy will grow, and certain industries are poised for more rapid growth in the immediate future.  We see no U.S. economic recession on the near horizon, and without a...
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September 02, 2016

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The Real Source of Wealth A decade ago, the World Bank published a study exploring the wealth of the world’s nations — specifically, trying to tally that wealth and identify where it resides.  (Interested readers can find it here.)  In...
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August 26, 2016

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Market Summary Pundits Are Wrong Again: Europe Continues to Grow post-Brexit Prior to the Brexit vote, many pundits were pushing the narrative that Brexit fears would create a big decline in business’ expansion plans.  They believed that the fear of...
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May 26, 2016

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Executive Summary 1.  Ordinary people aren’t very ordinary.  Professor Deirdre McCloskey’s recent piece in The Wall Street Journal got us thinking about the roots of western prosperity — and suggested that current nervousness about populist movements around the globe may...
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May 19, 2016

Executive Summary 1.  Market summary.  The movement of the U.S. dollar will be the key determinant of the direction of U.S. stocks, gold, and oil — and a great deal about the direction of the U.S. currency and market depends...
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May 13, 2016

Executive Summary 1. Critically important to your investments:  popular revolts against corruption around the world.  This trend will last for decades, and upset many of the patterns we think we know.  Corruption and cronyism have existed throughout human history, and...
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February 26, 2016

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Retirement: An Economic Disaster and a Health Catastrophe?   A letter to Financial Times columnist Michael Skapinker last week brought our attention to a personality we hadn’t heard of, but who is well-known in Europe.  Dr. Charles Eugster is a 96-year-old...
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February 11, 2016

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Europe’s Banks Are Showing Cracks  We’ve been expressing our worry about the health of the European banking system for years.  Starting in 2012, many European banks relied on “CoCos” — contingent convertible bonds — in an attempt to shore up...
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February 05, 2016

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Market Summary   World markets remain in a period of correction.  Accordingly, we are cautious and awaiting lower prices before investing the large amount of cash in client accounts.  Many now believe that the U.S. will go into a recession...
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