• Federal Reserve

Is the Fed Move a Game Changer?

Federal Reserve Chairman Jay Powell announced a shift to an “inflation averaging” rule last week at the virtual Jackson Hole monetary policy conference and many investors are wondering whether this should alter portfolio strategy. The short answer is, for now, no. But what of concerns that the Federal Reserve is continuing to feed the market’s [...]

• Main Street
• Wall Street

Wall Street vs. Main Street

This past week the S&P 500 made a new all-time high and Apple reached $2 trillion in valuation. It would seem that the pandemic is already in the rearview mirror. After the shortest bear market in U.S. history, a brief 33 days compared to the median of 302 days for the prior twenty bear markets, [...]

• Jekyll & Hyde

Adjusting to a Jekyll & Hyde Market

The market has been behaving like Dr. Jekyll and Mr. Hyde over the past month, bouncing between good and bad news. Which personality will arrive this week? The extent of uncertainty applies to this year’s earnings, but also 2021 and 2022. As we’ve noted before, we are in a strange situation where near-term risks are [...]

• Alan Greenspan
• Covid-19

Alan Greenspan: A Long-Term Perspective

Prior to the emergence of COVID-19, as I have previously indicated, the defining characteristic of the 21st century was the inexorable aging of its population. Almost a fifth of the population of the industrialized countries of the world were age 65 and older. In earlier centuries, the vast proportion of the population worked until they [...]

• Covid-19

Two Steps Forward, One Step Backwards

The surge in Covid 19 cases unnerved investors this past week, which is understandable. People did get complacent as various states reopened, particularly those that hadn’t been hit hard when the pandemic first arrived in the U.S. So infections spiked notably in places that hadn’t previously been subjected to large numbers of cases. At a [...]

• Europe

Europe – Looking Attractive

The surge in global equity markets since late March, led by the major markets of China and the U.S., has left Europe behind and stocks there are receiving scant attention. Ranking last of the big three regional powers in year-to-date equity performance is not an uncommon position for Europe. In dollar terms, the pan-European STOXX [...]

• Covid-19
• World

Have World Equities Disconnected from Economics, Politics, and Reality?

With COVID-19, ongoing trade issues, and now riots, many equity investors are asking if equities worldwide have disconnected from reality. The U.S. and Europe, hardest hit by the pandemic, are still dealing with ongoing economic challenges. Investors also worry as tensions between the U.S. and China, the world’s two largest economies, have flared again, and [...]

• Covid-19

Upsized Uncertainty: The Opposite of Lower for Longer

Within just a mere few days in early March, the U.S. went from economic expansion and record low unemployment to a severe, deep contraction and record-high unemployment. The S&P 500 reflected this by falling 34% from its high on February 19th to the March 23rd low. And since that low, the S&P has rallied by [...]

• Covid-19

Celebrating the Grand (Re)Opening?

Investors saw it coming – as they often do. The reopening is underway. Restaurants are beginning to serve sit-down meals, beaches are open, hair is being cut, and nails polished. Workers are being called back to factories and offices, although many who can work remotely will continue to do so. The precipitous drop in GDP [...]

• Alan Greenspan
• GDP

The Weight of GDP

For generations Americans reveled in acres upon acres of massive motor vehicle assembly plants, ever taller skyscrapers, enormous dams, and longer bridge spans. I never ceased being in awe of America’s industrial might in the 1950s as I drove along the south shore of Lake Michigan toward Chicago, passing one huge steel mill complex after [...]

• Covid-19
• Moderna
• Vaccine

A Second Vaccine; It’s A New Game

Moderna’s vaccine is reported to be 94.5% effective, making two vaccines showing higher efficacy than most expected. While results from both Pfizer and Moderna are preliminary, these early results are a very positive sign. Equally importantly, we should have enough doses of these two vaccines in the first half of 2021 potentially to vaccinate the [...]

• 5 year plan
• China
• United States

China’s Five-Year Plan

• financial planning

Financial Planning

Why Financial Planning? What should you be invested in? There is no one answer to this question. The answer will vary from person to person and family to family, and should involve a host of various factors. As financial planners, Global Wealth Partners Inc® can help you determine what’s right for you, your family and [...]

• Covid-19

Why Is the Market Rallying While the Economy Is Collapsing?

Observers are trying to reconcile the sharp rally in the stock market even as the data show that economic activity has declined dramatically. It is natural to ask how the market can only be down a little more than 10% and the NASDAQ is now up for the year, when we’re still in the midst [...]

• Covid-19

The Only Constant is Change

I had the dubious honor of writing this commentary last time on January 27, just before things got really weird. In that piece, I posed two questions: Will it get worse? and Will it be disruptive? As the months drew on, my questioning changed. I wrestled with the question of permanence versus transitory behavioral changes. [...]

• Uncategorized

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• Uncategorized

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