The following pieces reflect thoughts and perspectives that we found to be insightful.
The Covid-19 shock and subsequent economic restart brought on supply constraints not seen for decades. Central banks must either accept higher inflation or be prepared to destroy demand across the economy to ease supply constraints in one part of it....
Read ArticleThe relative weakness in secular growth stock fundamentals exemplified by their terrible relative revisions is nearing an end....
Read ArticleThe Federal Reserve's guidance continues to be the most accommodative on record. Keeping emergency settings after the Covid emergency has passed carries bigger risks for the Fed than missing its inflation target by a few decimal points....
Read Article"It's possible, in fact probable, that all this stimulus is still going to be in place, and frankly increasing, just when we unleash the biggest increase in pent-up demand globally we've had maybe since the 1920s, which could make the world look extremely different than it looks today."...
Read ArticleWith negative real rates on government debt, fat tails in volatility and liquidity and positive correlations between risky and risk-free assets, investors need to re-think portfolio construction. The recent experience of markets has taught us a few lessons. The first is to use a barbell strategy. ...
Read ArticleThe first three months of 2020 presented difficulties that were unlike any other, and though we were relieved to have navigated the volatility as we did, it gave us little comfort knowing the tremendous and indiscriminate toll COVID-19 had taken, and will continue to take, on people the world over....
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