Research & News
Weekly Geopolitical Report – The U.S.-China Balance of Power: Part III (February 1, 2021)
by Patrick Fearon-Hernandez, CFA | PDF In Part II of this report, we provided a head-to-head comparison of U.S. and Chinese military power. Obviously, military power is the ultimate source of coercion that one country can use to influence others. During non-conflict times, however, countries tend to use less violent means of influence. One of… Read More »
Daily Comment (February 1, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Good morning and welcome back from the weekend. Lots going on, but first, equity futures have turned higher, and the Northeast is getting some snow. Our coverage leads off with the coup in Myanmar. Russian protests follow. The continuing saga… Read More »
Daily Comment (January 29, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Good morning. Global equities are lower this morning as the spread of a new variant of the virus and COVID-19 vaccine production delays continue to worry investors. We begin our coverage with a discussion of new developments in the Reddit… Read More »
Asset Allocation Weekly (January 29, 2021)
by Asset Allocation Committee | PDF Although there are always sundry risks to financial markets, a proximate and substantial risk comes from inflation. Of course, there is always risk of some degree of generalized price changes to financial assets. It also is important to realize that there is always some degree of inflation or deflation… Read More »
Keller Quarterly (January 2021)
Letter to Investors | PDF There is an adage I repeat to my colleagues during every election cycle (of which I’m sure they’ve long ago grown tired): “We don’t get to manage money in the world we wish we had, we can only manage money in the world we have.” Every four years approximately half… Read More »
Daily Comment (January 28, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Good morning. A lot is going on in the world; equity futures were down most of the night but are crawling back to unchanged. We lead off with a recap of the first Fed meeting of the year, followed by… Read More »
Weekly Energy Update (January 28, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Here is an updated crude oil price chart. Prices are consolidating between $54 to $52 dollars per barrel after a strong rally from early November into late January. Commercial crude oil inventories unexpectedly fell 9.9 mb when a build of 1.5 mb was forecast.… Read More »
Daily Comment (January 27, 2021)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EST] | PDF Our Comment today opens with a short discussion of what to expect from today’s monetary policy decision from the Federal Reserve. In short, we expect no substantive change in policy. We then discuss a range of news stories from abroad,… Read More »