This week, residents of San Antonio, Texas, home to U.S. Global Investors, were ordered to work from home, with some exceptions. Like countless people in other parts of the country and world, our team has had to quickly and nimbly adapt to a new normal, and to be innovative in the face of new challenges.

The recent price changes in the municipal bond market have potentially created an intriguing opportunity for investors; with municipal bonds selling at relatively enticing yields, even without considering the tax benefits. However, this market is likely to be short lived as investor behavior is stabilizing.

Lawmakers in Washington struck a compromise on a major fiscal stimulus package to help combat the effects of the COVID-19 pandemic. The bill, already passed by the Senate and awaiting House vote, packs in a lot, with upward of $2 trillion slated to provide important support for the economy.

After giving our clients a few days to digest it, we’d like to share this memo from Thursday with all of our readers. We hope you’ll find it helpful.

Policy makers in the U.S. generally have more work to do to limit the damage of the coronavirus crisis than their counterparts in Europe. Here’s why.

Sierra Mutual Funds Chief Investment Officer Terri Spath's latest market commentary discusses when might be a good time to buy, and the importance of using a time-tested process, like the one used at Sierra and Ocean Park.

Global markets have not yet reached a bottom, but Nick Niziolek believes the global economy and markets could be in recovery mode by the second half of the year, with China and other overseas markets making strong contributions.

Japanese growth stocks, along with global equities, experienced considerable volatility in the first quarter. Uncertainty around the coronavirus, slowdowns in global manufacturing activity and worries about dampened consumer activity related to Japan's consumption tax each impacted Japan's markets.

As both traditional and alternative asset markets descend into turmoil this month, it’s important to remember the inherent strengths of a diversified portfolio. A market rout always causes correlation to go to 1 across virtually all assets as investors flee to the perceived safety of cash.

As expected, the initial jobless claims report—the one that shows how many people have been laid off and are newly applying for unemployment assistance—was a shocker this morning. Three million people lost their jobs and applied for unemployment last week. This is by far the highest number ever, with the previous record at just under 700,000 in 1982.

There are three key areas where the allocation requirements of passive fixed-income vehicles have an impact on the market.

I expect that the most valuable aspect of our investment discipline over the completion of this cycle will be our ability and willingness to flexibly respond to changes in observable market conditions as they emerge.

While the country and the stock markets reel from the impact of the Coronavirus, many economists and politicians are calling for the government to fight the pandemic as if we had to fight the Second World War all over again.

When markets get as volatile as they’ve been lately, it’s extremely difficult for investors to avoid our innate “fight or flight” response. In our states of heightened emotion (fear) our logical minds try to tell us that we are witnessing an incredible buying opportunity for long-term oriented investors.

The “ONE Thing” you need to do TODAY, right now, is “accept” where you are. What you had, what was lost, and the mistakes you made, CAN NOT be corrected. They are in the past. However, by hanging on to those “emotions,” we lock ourselves out of the ability to take actions that will begin the corrective process.

While it is, of course, a cliché to say that markets are driven by fear and greed, like many clichés this one contains a strong element of truth. The bad news for us humans is that within our brains, emotion appears to have primacy over cognitive function. While this may well have kept us alive and allowed our species to thrive, this uncomplicated hierarchy doesn’t necessarily work in our favour when it comes to thinking about financial markets.

In the midst of a historic crisis, it’s hard to see through the fog. But investors who ask the right questions now will be able to identify companies that can make it through.

With the coronavirus creating havoc across the globe, researchers are rushing to find better treatment options and a cure. Our Head of Equities, Stephen Dover, and Portfolio Manager Evan McCulloch outline a few of the efforts the medical and scientific communities are taking to combat the virus.

Liquidity could remain challenged, but valuations may be attractive for long-term investors.

Among other things, this commentary explores historical market sell-offs and how our emotional anchor points can influence our perception of those sell-offs.

For years, the economics profession has suffered from a stubborn reluctance to adopt a more multidisciplinary approach. But now that the COVID-19 pandemic is transforming economic life the world over, the profession has no choice but to leave its comfort zone.

As if the Fed’s unlimited QE wasn’t enough, we’ll get a $2T stimulus now. Predictably and much to our subscribers’ delight, the S&P 500 loved that. As it sprang to life, we’ve already cashed in an 82-point profit on that upswing.

Financial markets, and the world, are in unprecedented times. Tony DeSpirito offers some perspective along with ideas for preparing for the eventual return to “normal".

The stock market today is trading at valuation levels last seen in 2008, before an unprecedented wealth creation bull market swept away the fear of the Great Recession. Then as now, it’s always about the expectations built into market prices.

Policymakers cannot avert a big near-term economic hit. But they can build the foundations for recovery—if they take the right steps now.

During these turbulent times, how does one track and value the performance of an exchange-traded fund? David Mann, Head of Capital Markets, Global Exchange-Traded Funds, opines on ways to “keep score.”

A global recession is likely through the first half of the year, with a rebound possible during the second half of 2020, provided the virus threat subsides.

On the heels of the Fed’s unlimited QE promise, the S&P 500 sprang to life finally. All the gains though were given up in less than three hours. As the futures keep climbing overnight, does it herald a turnaround?

The conditions for a relatively quick and robust rebound rest on the success in containing the virus within a reasonable horizon, and a well-calibrated economic policy response.

The government-mandated shutdown of business, and the massive drop in economic activity it is causing, may actually do more harm to the United States than the coronavirus itself. Early estimates suggest the U.S. economy will contract at a staggering 20% annualized rate in the second quarter, and the number may move even higher.