Markets This Week

Stay liquid.  This is not the time to be locking yourself into anything unless you absolutely must (e.g., you need to make a 1031 exchange).  In our view, current conditions and the speed of current developments indicate a cardinal truth for investing in 2022: liquidity and optionality are king.  This Read more

Please join us for our periodic conference call at 10 AM Pacific on March 24, 2022 — there will be a lot to discuss, and we welcome your questions.  We’ll discuss ways you can increase your liquidity, flexibility, and optionality as the world moves into a more volatile and unpredictable future. Read more

Vladimir Putin pulled the trigger and has begun an apparently full-scale attempt to occupy Ukraine — or at least enough of it to create a permanent instability that will forestall its accession to NATO.  We have long identified this issue as the lynchpin of Russia’s policy in its “near abroad.”  Read more

Positive and Negative Psychology In the Markets While most economists don’t believe a recession is in the cards, on average, until 2025, many market participants are beginning to fear otherwise.  Their fears focus on the Fed, which is increasingly seen to be so far behind the curve in addressing inflation Read more

Tactical Shifts Bring Improvement U.S. markets — stocks, bonds, and real estate — are all still very much in the process of digesting the arrival of higher rates.  The recent respite from volatility may have had something to do with technical factors.  First, managers who harvested losses at the end Read more

How To Understand Current Volatility, and What To Expect Markets are beginning to digest the arrival of higher rates and the start of the Fed’s balance-sheet runoff.  Even more than usual, there is a host of cross-currents influencing markets as the aftershocks of the pandemic continue to reverberate through the Read more