Research & News
Daily Comment (February 5, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Investors will be closely watching tech earnings reports today. In sports, Atlético Madrid secured a resounding victory over Getafe and advanced to the Copa del Rey semi-finals. Today’s comment will analyze the president’s Gaza plan, explore why weakening labor demand… Read More »
Daily Comment (February 4, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with the latest on President Trump’s tariff program, including a one-month delay in the tariffs against Canada and Mexico, while China has launched a series of its own tariffs, export curbs, and other measures against the US. We… Read More »
Daily Comment (February 3, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with President Trump’s decision over the weekend to impose big, new import tariffs against Canada, Mexico, and China. The move is dominating the financial media this morning, as it has the potential to spark a long, painful trade… Read More »
Asset Allocation Bi-Weekly – American Exceptionalism and the Markets (February 3, 2025)
by the Asset Allocation Committee | PDF We suspect many investors today think the “American Exceptionalism” they studied in high school or college no longer applies to the United States, given the challenges it faces from the rise of China, the country’s own enormous debt load, or its sharp political divisions. However, as we survey… Read More »
Daily Comment (January 31, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with news of a massive new command complex being built for the Chinese military — a move the portends further US-Chinese geopolitical and economic tensions over time. We next review several other international and US developments with the… Read More »
Daily Comment (January 30, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with several notes on the weak economic situation in Europe, which helped spur the European Central Bank to cut interest rates again today. We next review several other international and US developments with the potential to affect the… Read More »
Asset Allocation Quarterly (First Quarter 2025)
by the Asset Allocation Committee | PDF We expect resilient economic growth in the short term, with slowing occurring toward the later end of the forecast period. Our three-year forecast does not anticipate a recession. Inflation rates will be volatile and are likely to remain above the Fed’s target rate. We anticipate the Fed will… Read More »
Daily Comment (January 29, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with new developments related to Chinese artificial-intelligence firm DeepSeek and its market-disrupting new AI model. Importantly, new evidence suggests that DeepSeek’s success may have depended on stolen intellectual property from the US’s top AI developer. We next review… Read More »
Daily Comment (January 28, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with a few observations on yesterday’s rout in Western technology stocks related to artificial intelligence. We next review several other international and US developments with the potential to affect the financial markets today, including signs that China’s property… Read More »