Research & News
Weekly Energy Update (October 1, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. The recent dip in prices remains, although we are seeing some recovery. Crude oil inventories fell when a build was expected. Commercial stockpiles declined 2.0 mb compared to forecasts of a 2.0 mb rise. The SPR… Read More »
The Case for Hard Assets: An Update (September 2020)
by Bill O’Grady & Mark Keller | PDF Background and Summary In this report, we use the term “commodities” to imply “hard assets.” In our definition, the latter is a commodity that requires multiple years to generate a supply response. This definition excludes agricultural commodities, which tend to create a supply response on an annual… Read More »
Weekly Geopolitical Report – Erdoğan’s Leadership and the Turkey-Greece Dispute: Part I (September 28, 2020)
by Patrick Fearon-Hernandez, CFA | PDF When talking about international relations, it’s tempting to describe each country as a monolithic, rational decisionmaker with a settled set of concerns, goals, strategies, and tactics. Examples of such descriptions include: China wants to solidify its claim to the South China Sea; Russia is trying to undermine Western democracies;… Read More »
Asset Allocation Weekly (September 25, 2020)
by Asset Allocation Committee | PDF For more than a decade, U.S. investors who diversified their risk assets to include foreign equities have been sorely disappointed in the results. Since September 2010, for example, the S&P 500 Index of large cap U.S. stocks has provided an average annual total return of approximately 13.9%, but the… Read More »
Weekly Energy Update (September 24, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. The recent dip in prices remains, although we are seeing some recovery. Crude oil inventories fell a bit less than expected. Commercial stockpiles declined 1.6 mb compared to forecasts of a 2.8 mb decline. The SPR… Read More »
Weekly Geopolitical Report – Meet Yoshihide Suga (September 21, 2020)
by Patrick Fearon-Hernandez, CFA | PDF Because of Japan’s enormous role in the world, investors need to pay attention whenever the country undergoes a change of leadership as it did last week. After all, Japan currently accounts for some 7% of global stock market capitalization and 6% of the world’s gross domestic product. Not bad… Read More »
Asset Allocation Weekly (September 18, 2020)
by Asset Allocation Committee | PDF In June, we published a WGR on the EU’s decision to issue a Eurobond, a financial instrument backed by the full faith and credit of all the member states of the European Union. One of the reasons the U.S. dollar remains the global reserve currency is because the world… Read More »