Money Clip

Blog by Matthias Paul Kuhlmey

Matthias Paul Kuhlmey is a Managing Director & Partner at HighTower Advisors, where he serves as wealth manager to High Net Worth and Ultra-High Net Worth Individuals, Family Offices, and Institutions.

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  • Life Of A Turkey

    Friday, October 9, 2015

    Posted by: Matthias Paul Kuhlmey

    We could just as well have titled this blog “Lessons in Absurdity.” It is unnecessary to fully repeat our message of previous weeks, but, in synopsis, traditional measures to assess investment opportunities have been heavily influenced by accommodative central bank policy (low rates) and a consequent “massaging” of risky outcomes over the past six years (and going strong).

    To continue reading, please click here for the full article.

  • GIS 360 Q3: Anatomy Of A Puzzle

    Thursday, October 8, 2015

    Posted by: Matthias Paul Kuhlmey

    This edition of GIS 360 will offer insights related to the status of the financial markets from our independent research providers at Macro Intelligence 2 Partners and Strategas Research Partners.

    At HighTower, we do not seek value on the basis of one single opinion, as is more common with traditional Wall Street firms, but instead continue to exchange best ideas and carefully select our economic advisors and research partners.

    Click Here to continue reading the quarterly piece.

  • Money in the Bank

    Thursday, October 1, 2015

    Posted by: Matthias Paul Kuhlmey

    We have racked our brains regarding what valuation metrics to apply in the current investment environment, especially as natural price formation is still being largely influenced by accommodative policies around the globe. In our “Summer Charts” series published during August, we made the case that, aside from traditional ways to justify and assess market levels, a technical overlay should be applied to guide investors in their decision-making. We continue to discover notable formations, creating basis to conclude that fundamentals and markets are not so rosy when viewed in combination.

    To continue reading, please click here for the full article.

  • Missed Connections

    Tuesday, September 29, 2015

    Posted by: Matthias Paul Kuhlmey

    As featured at

    If you were hoping to receive relationship advice based on today’s title, then this blogpost is not for you. Yet, my intention is to discuss an equally important topic, and at last one that has the potential to seriously improve communal relationships.

    Traveling in Europe over the past weeks, with pit stops in several large metropolitan areas, was an eye-opener for me. I am not referring to the doom-and-gloom reports we have been issued related to economic malaise and monetary distress, but quite the contrary. Traditional and hip, Copenhagen, Denmark, is clustered with construction sites, a picture last seen in many parts of Europe when generous union funding and aggressive lending made it opportune to build at large. The difference, this time, seems to be a focus on public infrastructure, rather than (mostly speculative) residential real estate.

    To continue reading, please click here for the full article.

  • Betwixt and Between

    Tuesday, September 29, 2015

    Posted by: Matthias Paul Kuhlmey

    The Fed has embarked on a rather suspicious path, given last week’s (in)decision on rates. If we consider “Yellen & Co.’s” official statutory mandate (aka the dual mandate), our policymakers are here to ensure maximum employment, stable prices, and moderate long-term interest rates. Pairing these objectives with what the broad public is made to believe about the health of our domestic economy, rates could have arguably been raised months ago. Critical observers may now point out that either the Fed’s mandate is “off,” or economic conditions are far from acceptable; I think both aspects apply.

    To continue reading, please click here for the full article.

  • Pump Up the Vol (The Sequel)

    Thursday, September 17, 2015

    Posted by: Matthias Paul Kuhlmey

    This blog could be an easy one: cut and paste. Not much has changed since we laid the foundation for our first edition of Pump Up the Vol in October of last year, at a time when financial markets appeared to be falling apart. It was also an attempt to clean up my perceived image as a negative market observer; let’s start with this point for our sequel, before revisiting “American exceptionalism” with respect to domestic economic performance, and a seemingly crumbling world around us.

    To continue reading, please click here for the full article.

  • Collective Wisdom

    Wednesday, September 16, 2015

    Posted by: Matthias Paul Kuhlmey

    This morning on MoneyLife, Stephen Rosen, Lee Majkrzak, and I, discuss how to manage market volatility with clients and concerns within the fixed-income market.

    Please click here to listen to this morning’s MoneyLife Show segment.

  • It’s The Dollar, Stupid

    Friday, September 11, 2015

    Posted by: Matthias Paul Kuhlmey

    For years, I have been “running around” telling my story of currency wars and the related risk to the stability of the global financial and geopolitical systems. Very little attention has been paid, and even the seemingly interested have met my arguments with a sense of pity and apparent effort not to judge a man who may not understand “that this time it is different.” Needless to say, for many the reign of the US dollar (USD) is so assuring that other items simply do not matter; but they surely do, even if only for the reason that the currency market is a closed system—for one currency to go up, another needs to move down.

    To continue reading, please click here for the full article.