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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  • You Spin Me Right Round

    Thursday, June 25, 2015

    Posted by: Matthias Paul Kuhlmey

    My two daughters are still at an age where they “hit” every playground with eager excitement. Observing them is quite interesting, and recently left me to consider a once-central thesis of physics that may also apply to financial markets (nerd father alert). When taking a turn on the merry-go-round, a question to ponder is whether my girls are spinning around the world, or if the world is instead moving around them; i.e., what is fixed, and what is not, at least from their perspective? Equally uncertain is the collective opinion when it comes to global monetary policy and asset prices. After our previous entries, Apex 2015: An Unobstructed View and Old Medicine In New Bottles, this is the third blog exploring the impact of a persistent low-rate environment and unprecedented quantitative easing.

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

  • Old Medicine in New Bottles

    Friday, June 19, 2015


    Posted by: Matthias Paul Kuhlmey

    I was advised that there is no upside in writing sequels to previous blogs, but given current developments, there is no way around it. In our 2012 entries Big in Japan andBig in Japan – The Remix, we pointed to the Japanese yen’s (JPY) unsustainable strength, especially vs. the U.S. dollar (USD). Further, in a rather committed interview, we suggested that it was the perfect time to invest in Japanese equities, but preferably by hedging the currency. Now with an estimated 115 percent gain behind us, the question is whether or not we still view this opportunity positively.

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

  • Throwing It All Away

    Thursday, June 18, 2015

    Posted by: Matthias Paul Kuhlmey

    As featured at

    Admiring the work of old masters offers a fascinating perspective, whether through paintings, woodwork, or numerous other crafts. Yet, we are left to ponder how societies evolve over time, in a seemingly constant battle between respecting artisanal skills and striving for “better” ways of the future. In urban planning, the growing void of more serious craftsmanship has been filled with rather straightforward solutions, and we have made it our business to “bulldoze” the old, often at the cost of desired and arguably needed preservation. In 2013 alone, the city of New York lost 823 yearsof history: old building sites were demolished or repurposed to satisfy the hunger for new luxury condominiums and higher-yielding investments, defining the fine line between practicality, tradition, and a new, more efficient, status quo.

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

  • APEX 2015: An Unobstructed View

    Friday, June 12, 2015

    Posted by: Matthias Paul Kuhlmey

    I am admittedly a little tired, but also energized and wanting more: We just concluded our second annual industry conference—Hightower’s APEX—a collaborative forum for the disruptors of our industry, who never come up short on good ideas or strong opinions. Since the early days of building our firm, we have avoided being held to a single point of view, but instead exchange ideas and best practices on a regular basis. Not only do we value the creative open dialog, but it has become a necessity to compete in today’s complex financial market system.

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

  • GIS 360 Q2: Green – Between Blue and Yellow

    Monday, June 8, 2015

    Posted by: Matthias Paul Kuhlmey

    This edition of GIS 360 will offer insights related to sustainable and green investing opportunities from our friends Elizabeth Coston of the Kellogg School of Management, and Alexander Bass, Executive Director here at Hightower.

    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 download our quarterly commentary.

  • Cheap Dirt

    Friday, June 5, 2015

    Posted by: Matthias Paul Kuhlmey

    There is a notion that I have a “bearish” undertone in my financial writings. Truth be told, I just don’t get excited about most equity markets (at current valuations) or many other available liquid investment choices. As we have shared in previous blogposts, central banks have materially changed the concept of free price formation and propelled financial markets to unprecedented levels. Not only should we question the significant disconnect between the financial and real economy, but we also must consider when the impact of overly accommodative policies will come “home to roost.” At this point, we are still living the dream of an extraordinary financial experiment, and it is for this reason that our focus has remained on thematic investing with a real-asset bias. To preserve purchasing power requires the right identification of—and allocation to—the next big themes.

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

  • Price Check

    Thursday, May 28, 2015

    Posted by: Matthias Paul Kuhlmey

    There seems to be a victory over the root of all financial evil: Inflation. Judging by official numbers, the concept of rising prices appears to be a distant echo of formerly-binding econ textbooks, with year-over-year readings now in negative territory. On the other hand, especially when living in a large U.S. metropolitan area, it feels as if nothing is affordable anymore. We may have been led into a financial parallel universe, where even inflation is not what it used to be.

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