Asset Allocation Reports
Asset Allocation Bi-Weekly – The Selling of Austerity (June 27, 2022)
by the Asset Allocation Committee | PDF Politics is the art of the possible… — Otto Von Bismarck Although there have been attempts to treat it as a science (hence the study of political science), the necessary art of politics is to convince people to accept policies that may be contrary to their best interest. … Read More »
Asset Allocation Bi-Weekly – Homebuilders Versus Apartment Builders (June 13, 2022)
by the Asset Allocation Committee | PDF After two years of press reports about skyrocketing home prices, we assume investors are well aware that the housing market has been hot. However, “housing” includes at least two main asset types: single-family homes and apartment properties. A deep dive into the data reveals significant differences between these… Read More »
Asset Allocation Bi-Weekly – The Problem of Financial Conditions (May 31, 2022)
by the Asset Allocation Committee | PDF Among the financial pundit class, there has been a growing call to weaken financial conditions. What are financial conditions? They include credit spreads, the level of interest rates, the level of equities, the level of market volatility, the dollar’s exchange rate, etc. Weaker financial conditions mean that borrowing… Read More »
Asset Allocation Bi-Weekly – The FOMC Speaks (May 16, 2022)
by the Asset Allocation Committee | PDF On May 4th, the FOMC announced its policy changes. The Fed moved its fed funds target by 50 bps, the fastest increase in 22 years; the last hike of this amount was in May 2000. In the press conference, Chair Powell scotched the notion of a greater than… Read More »
Asset Allocation Bi-Weekly – The Tale of Two Surveys (May 2, 2022)
by the Asset Allocation Committee | PDF The Conference Board Survey of Consumer Confidence and the University of Michigan Survey of Consumer Sentiment are two closely followed reports about the American consumer. Domestic consumption makes up about two-thirds of the U.S. economy, so insights into consumer attitudes may predict changes in the business cycle. The… Read More »