The Long View

Given the extraordinary downside volatility affecting both equity and bond prices this past quarter, we felt an early commentary might be appreciated. We’ll cut to the chase – Our longer-term view for your portfolios is much more positive than what is currently being discussed in the financial press because we own some of the best-run-companies...

War and Inflation = A Nasty Cocktail

Investor attention has pivoted over the past few weeks from the war in Ukraine back to the accelerated unwinding of global monetary accommodation. While the war could still pose further threats to economic growth, global bond markets have struggled as central bank policy rate expectations move higher. As the war settles into an apparent stalemate...

2022 Outlook?

Monetary and fiscal policies certainly helped jump-start the current economic expansion—as is customary in the aftermath of every recession. But expansions also become self-sustaining, which is why policy juice eventually ends. In our view, this recovery has an abnormally large number of “sustainable forces” that are likely to keep the expansion healthy long after monetary...

Significant Crosscurrents Prior to Q3 Earnings

Equity markets have been struggling with a number of short-term risk factors.  None at this point (hopefully) seem to threaten the big-picture outlook of a solid global economic recovery. But when markets significantly front-run positive fundamentals (as they have), even modest risks can cause temporary setbacks.  We remain short-term cautious, and expect the recent correction...