Market Analysis

We don’t like to call the top in any market, though we do note that relative valuations in a few places are starting to look extreme. The collective market capitalization of Apple, Microsoft, Amazon, Facebook and Alphabet now exceeds $3.0 trillion dollars. […]

Clear and Present Danger: Unfunded Pension Liabilities An astounding 15 trillion of global debt, representing nearly 25% of securities rated investment grade, now trades at a negative yield. The desire for yield producing securities has […]

Diversifying with Energy Emerging markets have shown to be a disappointing diversifier for many years. Is there a better way to get uncorrelated, or less correlated, returns for US investors? Emerging market indices are characterized […]

Real Returns in a World of Negative Rates What signals should equity investors be watching from the bond market? The US yield curve us now fully inverted with 3-month rates above everything out to 30 […]

Risk and Reward in Large US Banks The continuing collapse in global yield does not appear to auger well for large global banks. German banks have not returned anything at all in the past 10 […]

The Quiet Collapse in Energy Low oil prices unleashed through the fracking boom has caused more carnage in the oil sector than all but a few realize. The market capitalization of oil related stocks in […]

Seeing and Believing in Utility Stocks Investing is often unduly complicated, and even those who recognize this fact are apt to make comments such as “easy in theory, but hard in practice.” What is easy […]