Research & News
Daily Comment (February 10, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Our Comment today opens with news that the Russian intelligence services are trying to take advantage of the job buyouts currently being offered to employees of the US intelligence community. The situation highlights the risk that the personnel turnover could affect the… Read More »
Daily Comment (February 7, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! The market is currently digesting the latest employment data, while in sports news, the NBA trade deadline officially passed. Today’s commentary will cover the latest developments in Trump’s tax plan, explore why investors are growing increasingly concerned about the spending… Read More »
Daily Comment (February 6, 2025)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM ET] | PDF Good morning! Markets are closely watching the latest developments from the Trump administration. In sports news, the Golden State Warriors made headlines by acquiring Miami Heat guard Jimmy Butler in a major trade. Today’s commentary will focus on the Trump administration’s shift… Read More »
The Case for Hard Assets: An Update (First Quarter 2025)
by Patrick Fearon-Hernandez, Bill O’Grady, Mark Keller, and Joe Hanzlik | PDF Background and Summary Secular markets are defined as long-term trends in an asset. There are both secular bear and bull markets. In most markets, there are also cyclical bull and bear markets, often tied to the business cycle, and in some markets, there… Read More »
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 »