Asset Allocation Reports
Asset Allocation Bi-Weekly – The Japan Problem (June 2, 2025)
by Thomas Wash | PDF Just one day after Prime Minister Shigeru Ishiba likened Japan’s debt situation to that of Greece, the country faced its weakest demand for 20-year bonds since 2012. The auction’s tail — the excess of its highest yield over its average yield — widened to 1.14, the largest since 1987. His… Read More »
Asset Allocation Bi-Weekly – White House vs. The Fed: The Looming Battle for US Monetary Policy (May 19, 2025)
by Thomas Wash | PDF The Federal Reserve’s independence faces its most serious challenge in decades as the Trump White House escalates its criticism of central bank policy. This brewing confrontation echoes historic tensions — most notably the 1951 clash between President Truman and Fed policymakers over yield caps that ultimately led to the Treasury-Fed… Read More »
Asset Allocation Bi-Weekly – US Capital Flight and the Implications for Investors (May 5, 2025)
by Patrick Fearon-Hernandez, CFA | PDF Oh, what a difference one calendar quarter can make! Shortly after Donald Trump was sworn in to his second term as president of the United States, we wrote that the US seemed to enjoy exceptional advantages versus the rest of the world in terms of its economic growth, political… Read More »
Asset Allocation Quarterly (Second Quarter 2025)
by the Asset Allocation Committee | PDF Our three-year forecast includes an economic slowdown in the near term and potential recovery later in the period. As the recession likelihood has increased significantly, we are reducing risk across the portfolios. Trade and fiscal policy uncertainty will continue to dampen business investment as well as consumer and… Read More »
Asset Allocation Bi-Weekly – From Magnificent 7 to European Revival (April 14, 2025)
by Thomas Wash | PDF European equities have long suffered from investor skepticism and been burdened by perceptions of excessive regulation, bureaucratic inertia, and elevated operating costs. These structural challenges have historically overshadowed the region’s fundamental strengths. Yet 2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US… Read More »