Global Equity Strategy 3Q18 Commentary
This commentary reviews the previous quarter and discusses our outlook and positioning for the Global Equity strategy.
Global Equity Focused Strategy 3Q18 Commentary
This commentary reviews the previous quarter and discusses our outlook and positioning for the Global Equity Focused strategy.
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International Equity Strategy 3Q18 Commentary
This commentary reviews the previous quarter and discusses our outlook and positioning for the International Equity strategy.
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US Equity Strategy 3Q18 Commentary
This commentary reviews the previous quarter and discusses our outlook and positioning for the US Equity strategy.
Consumer Confidence, Commodities, TIPS, and EM Update
Today’s release of Consumer Confidence by the Conference Board shows American consumers remains positive, and their confidence level is at a historic high (see first chart). This is significant as we look at the trends for inflation, rates, and risk assets more broadly. A strong consumer sets the stage for healthy growth into 2019 and […]
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Tarriffs, TIPS, Curve Slope, & the 3% Level: Growth vs. Value
Talk of the Trump Administration hitting China with Tariffs has taken center stage in the news cycle again and the Treasury Inflation Protected Securities (TIPS) market is again taking this seriously. While the expression “buy the dips” used to applied to stocks; we believe “buy the dips” now also applies to TIPS in the age […]
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Municipals, Inflation & Purchasing Power
California municipals, as measured by Bloomberg Valuation System (BVAL) are now trading almost 18 basis points through the AAA municipal yield curve in the 5 year maturity. As the second chart shows, CA General Obligation (GO) paper in that part of the curve is now trading at its richest value in years and has now […]
Bulletin: Consumer Confidence
We live in an age of crisis, if media reports are to be believed, yet on August 28th we learned that the Conference Board Consumer Confidence Index rose to nearly a two decade high. How is that possible? Well, it has all happened before and it is both a cautionary tale and reason for optimism.
Market Update: Currencies, Inflation & Emerging Markets
In this short bulletin, Jonathan Lewis, our CIO, provides insight to the recent Turkish Lira panic and the market’s reaction. He also shares his thoughts on monetary policy indicators, factors affecting the yield curve, and currency patterns. Read the article
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Viewing the Recent Drawdown from a Historical Context
Emerging Markets have had a difficult year with market sentiment weighed down by concerns of global trade wars, US imposition of broad based tariffs on Chinese imports, and currency devaluations in Latin American Emerging Markets. We draw confidence from the strategy’s nearly 80 months of data and our analysis of the historical trends. Despite the […]
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