Dear Valued Clients and Friends, That the tax reform bill which became law at the beginning of 2018 contains stimulus for the U.S. economy is not subject to dispute. Opponents of the bill politically still acknowledge that there is a stimulative effect from the bill, though the magnitude and sustainability of that stimulus is subject […]
Dear Valued Clients and Friends, The last ten weeks have seen terms like “trade deficit” and “current account deficit” be invited into the American populace’s lexicon, with little attempt to define said terms, and certainly little attempt to define them accurately. In this latest Market Epicurean issue, we unpack realities around the terms, and offer perspective […]
Dear Valued Clients and Friends, The second half of last week’s market action was dominated by the shocking decision of the White House (namely, it’s head occupant) to implement sweeping tariffs on imported steel and aluminum to the United States, creating a shockwave in stock markets, but also stoking fears about the peripheral implications for […]
Dear Valued Clients and Friends, A ferocious sell-off on Monday which was itself preceded by highly elevated market volatility the week prior has called for some intelligent understanding of “panic attacks.” Our goal herein is to delineate between “corrections” and “panic attacks,” and sensibly ascertain what has been the right investor response to such market periods. That “panic attacks” […]
Dear Valued Clients and Friends, Our recent entry into Japanese equity markets through both a small cap and large cap dividend orientation is focused on capturing the secular story we see behind corporate profits and exiting the worst of a multi-decade deflationary debacle. No part of the thesis assumes other economic affectations can be ignored, […]
Dear Valued Clients and Friends, We have written a lot in recent months at our Dividend Café property of our due diligence around allocating client capital to Japanese equity markets. Our not totally facetious boast has been that from the time I entered the investment markets professionally nearly twenty years ago, to where we are […]
Click here to subscribe to Market Epicurean Dear Valued Clients and Friends, Few topics intrigue central bankers, economists, and financial managers than the normalization of monetary policy in the United States. The Federal Reserve’s response to the financial crisis was not to use monetary weapons as a pistol, but rather a bazooka (which I might […]
Dear Valued Clients and Friends, In thirteen months there will be substantial coverage of the ten-year anniversary of the financial crisis, and we will surely join the fray. Despite anything I say below, the historical memorialization of the financial crisis will forever be affiliated with the Lehman bankruptcy of September 2008, and then, of course, […]
At some point in the late 1990’s, and lasting all the way through the end of Chairman Greenspan’s reign as the chair of the Federal Reserve, a primary function of the U.S. central bank became the coddling of U.S. risk asset investors. In a future issue of Market Epicurean, I will make the case […]
Treasury Secretary, Steve Mnuchin, appeared on CNBC early this morning to discuss a number of policy endeavors of the administration, and for the second time since the inauguration the subject of the U.S. Treasury issuing hyper-long-dated bonds (50-year maturity, most realistically; even a 100-year has been discussed). Secretary Mnuchin affirmed their interest level in […]
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This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.
All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.
This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of HighTower Advisors, LLC, or any of its affiliates.