Research & News
Daily Comment (October 2, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF The big news this morning is that President Trump and the First Lady have contracted COVID-19. U.S. equity markets are in full retreat on the news. We address some of the potential ramifications. It’s also employment Friday; we cover the… Read More »
Asset Allocation Weekly (October 2, 2020)
by Asset Allocation Committee | PDF The death of Ruth Bader Ginsburg was yet another political shock for 2020 in a year rife with unusual events. The year began with the first official case of COVID-19 in Washington State on January 20. The pandemic and subsequent measures to contain the virus have led to unprecedented… Read More »
Daily Comment (October 1, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF It’s the first day of the fourth quarter and the start of China’s “Golden week.” The EU begins its summit today. U.S. equity markets continue their rally this morning; Tokyo markets were affected by a technical glitch. We begin our… Read More »
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 »
Daily Comment (September 30, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today provides a short recap of last night’s presidential debate, as well as an update on the fighting in Nagorno-Karabakh. Next is a discussion of today’s positive economic data out of China. We also discuss some new… Read More »
Daily Comment (September 29, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF Our Daily Comment today provides a brief introduction to tonight’s presidential debate, the anticipation of which could keep a lid on the markets throughout the day. We also discuss several geopolitical tensions involving Eastern Europe, as well as the latest… 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 »
Daily Comment (September 28, 2020)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA [Posted: 9:30 AM EDT] | PDF It’s Monday, the last week of September, and the end of Q3. Equity markets are in full recovery mode this morning. We start our coverage with a comment about the election situation. World news comes next, with a focus on… Read More »