Tick, Tock.

Tick, Tock.

Not everybody loves meetings and even fewer enjoy reading the minutes, but investors make an exception with the Federal Reserve. This week the Fed published the minutes from its August 1 meeting. While no changes were made to interest rates, the minutes did provide...
The Market Cycle and Investing

The Market Cycle and Investing

From January 30th, 2017 client presentation. It looks like we are in the 6th or 7th innings of an economic expansion in the USA. There are places in developed world and emerging markets that are still behind us and where there is still opportunity for equity upside....
Wage Increases are Good and Bad

Wage Increases are Good and Bad

From January 30th, 2017 client presentation. Wages HAVE BEEN increasing on an inflation adjusted basis for some time. A tight labor market should put even more pressure on employers to increase wages faster. When there is no one to hire, if you need an employee, you...
Tax Reform is a Fiscal Stimulus

Tax Reform is a Fiscal Stimulus

From January 30th, 2017 client presentation. Tax reform is a $1.5 Trillion stimulus. But it is selective. And, it will absolutely lead to higher deficits, a higher national debt, and probably a whole lot of political wrangling. Previously: Valuations high, but not as...
It’s Time to Turn Your Mind to Taxes.

It’s Time to Turn Your Mind to Taxes.

Last week, President Trump signed tax reform, officially titled ‘An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,’ into law. The legislation provides significant permanent tax cuts for...
Here We Come A Tax-Reforming!

Here We Come A Tax-Reforming!

The reconciliation of Congressional tax reform bills proceeded apace last week, and Congress is expected to vote on the measure early this week. If tax reform passes, Dubravko Lakos-Bujas, head of U.S. equity strategy with JPMorgan, thinks we may see value stocks...