A Winner for Advisors: More Equity Sleeves

As we ramped up our portfolio consulting services a few years back, we noticed the opportunity advisors had if they were able to integrate individual securities into portfolios. Limited by SMA fees and trading costs, these were generally exceptions for larger...

FOMC Update Sept 2021

Quick Take   The most important things that we learned yesterday from the FOMC statement, forecasts, dots, and press conference are 1) tapering will most likely start in November and will last until early summer of next year, and 2) Powell is still very far from...

Inflation Takeaways: PPI/CPI

August PPI and CPI and Fed Survey Update… QE Taper Coming late ‘21   Boy did we get the tale of two reports from the August inflation data. The PPI report was modestly higher than expectations whereas the CPI report was modestly lower… so which one is right?...

Jackson Hole: To Taper or Not?

Time to Taper? With Caution…Slow and Steady.   We all saw the news last Friday that the much anticipated Jackson Hole Central Bank Conference will now be a virtual event. We also found out that Fed Chairman Powell will be delivering his message virtually. We...

July CPI: Our Take

The U.S. CPI rose +0.5% m/m and 5.4% y/y in July. The core (ex food & energy) CPI rose +0.3% m/m and 4.3% y/y. While these numbers are more moderate vs. recent months, bottlenecks remain in the economy (consumers & businesses continue to report inflation...

Why International?

Let’s Party Like it is 1999! No investor ever wants to participate in a “Lost Decade” – domestic U.S. stocks encountered this problem in the 2000s, international caught it in the 2010s. Moving forward, we believe that traditional fixed income could be the lost...