U.S. and China Sign a Deal, Inequality Eludes Measurement, Canada Leads with Fiscal Policy
Phase One: A limited deal is better than none.
Inequality: We can’t manage what we can’t measure.
Canada: Taking the lead with fiscal policy.
New Beginnings With the Year of the Rat
Because it’s the first of the 12 zodiacs, the Year of the Rat is seen as a time of beginnings and renewals. That brings us hope, especially paired with the recent positive development in the U.S.-China trade war.
Q4 2019: "New Highs"
It has been a great year for equity investors. The S&P 500 index posted a 31% annual return, the Dow 25%, and the NASDAQ a spectacular 39%. More than $6T of equity paper wealth was created for domestic investors this year alone.
U.S. Consumer Outlook, Pension Protests in France, and Australia’s Wildfire
A strong economy will help U.S. consumers meet their financial resolutions in the new year, while residents of France and Australia have bigger worries.
High Yield 2020 Outlook
2019 was a very unusual year. Domestic growth whipsawed from strong (over 3%) to concerning (just over 1%). This volatility was compounded by both domestic and global headline factors: a very public trade dispute and very weak global growth.
Don’t Let Risk Eat Your Alpha
A decade of central bank easing and the resulting low-volatility environment have made many investors complacent about risk management. We believe the next 10 years will be more volatile than the last 10 years, and risk management will be central to the delivery of consistent alpha.
What is Good Government, and Why Is It So Rare and Precious?
Navigating between the despotic extreme of authoritarianism and the unbridled liberty of anarchism is the challenge of society in its quest for good government. A new book looks at the choices facing policymakers to achieve the proper balance and to improve the prospects of those countries outside the “narrow corridor” of effective governance that lies between those extremes.
Bitcoin Has Its Best Start to a Year Since 2012
Among the biggest contributors to the bitcoin rally is the hope that 2020 could finally see institutional investors move into the digital field en masse, prompted by growing client demand and more attractive ways to get exposure.
Repetition Can Be a Form of Change
Despite Sauron and Einstein’s failed attempts at unified theory, 2019 was simply the tenth year whereby interest rates were low and went lower, credit remained both cheap and plentiful, the economy was “good enough,” and those who can print money re-dedicated themselves to a willingness to print money. The logical conclusion to this set of events is to buy and hold U.S. equities. Drop the mic—again.
5 Preventative Measures for Fiduciaries to Take in 2020
With simmering trade tensions, sputtering growth worldwide and a historically long, but slow, U.S. economic expansion, investors will have to brace themselves for a challenging investment environment in 2020. Change, adaptability and diversification are the key words. Here are steps you can take early in 2020 to position your investment program well for the rest of the year.
Dollar Weakness Could Be the Catalyst Commodities Are Looking For
On Tuesday of this week, the U.S. dollar experienced a “death cross,” a bearish signal that takes places when an asset’s 50-day moving average crosses below its 200-day moving average. We haven’t seen this from the greenback since May 2017.
Investing in Climate Change: Profiting the Right Way
To be honest it shouldn’t matter where you stand on the climate change debate, the way I see it these are words that we should all take seriously, if for no other reason just in case. It is a call to action that we ignore at our own peril and that of untold future generations to come.