Europe

Febuary 09, 2017

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Market Summary We are bullish on the U.S. but cautious in most other markets. At any time, a correction may begin in the U.S. market as political battles slow down the agenda of tax cuts and deregulation proposed by the...
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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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July 29, 2016

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Market Summary We are bullish on the U.S. market for the next few weeks, and suggest buying on dips in August.  Although the market is not cheap, the U.S. is a haven for money leaving Europe because of Brexit and...
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July 14, 2016

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Reaching the Top of the Wall of Worry Source:  Bloomberg   As we head into the June earnings season, the S&P 500 has finally rallied above the all-time high set in May of last year. In our letter on June...
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July 07, 2016

Market Summary The Brexit vote and the rise of anti-E.U. parties in Europe show that big changes are underway. Europe The coming changes will be more pronounced in Europe than in the U.K., although the U.K. will also suffer volatility...
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June 30, 2016

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Brexit — What Does It Mean?  The British electorate has chosen to leave the European Union.  This will not be instantaneous, but will take a few years to be completed. Some people view this as a political issue: Britain is...
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June 16, 2016

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Polls, Polls, Everywhere, and Not a Drop of Certainty Markets are possessed by Brexit fears.  The market selloff that began last week may have been prompted by dramatic poll data showing the “leave” vote pulling  ahead of support by Brits...
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June 09, 2016

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Time For Bargain-Hunting In Europe?On Sunday and Monday we heard about two new polls in the U.K. — both showing the “leave” vote pulling ahead of the “stay” vote in the contest to determine whether Britain will remain in the...
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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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