Why So Serious???

The famed line of our title, sadly one of Heath Ledger’s last, encapsulates the mood around last week’s visible crack in US equity markets and more broadly global investing sentiment.  Amongst the chaos that is Russia/Ukraine, Israel/Palestine and China/The Balance of Asia – there seemed to be little taken seriously, until last week. But the […]

Totally Addicted to Credit

Josh Abrahams – working under the pseudonym Puretone – released a monster hit single in the Fall of 1998 entitled Totally Addicted to Bass.  Fifteen years, a currency crisis, a tech bubble popping, a housing boom and bust and the largest global financial crisis since the Great Depression we have revisited the thematics of this […]

Debt Ceilings and Other Things That Hurt When You Hit Them

Last week Washington tripped over its own power cord and in the process shut down the main power source of the Republic – the “continuing resolution.”  Sadly, the past week and, no doubt, the week to come, remind me of how discussions over other politically sensitive topics unfold.  Each side comes to the party with […]

Camera Obscura – Are we really making progress on Jobs? Wages and hiring this week

Asset allocators currently face one of the most difficult decision making environments in recent memory.  Whether exogenous factors are coming from the Federal reserve, the ECB or the prospect of a full-blown government shut-down, the anchors of yesterday seem to have been firmly dislodged from their moorings. But nothing is more challenging than understanding why […]

Seasons of the Bernanke

As we embark on QE3 and prepare for the 4th quarter of 2012 it seems worth taking a renewed look at Central Bank policy and its effect on asset prices in the commodity complex.  This is the third summer in a row that we have watched commodity specific sectors make a mid-summer bet that a […]

Negative Fatigue (or, The Power of Asset Allocation Rebalancing)

Blistering! Amazing! Astounding! Terrifying! We start off the New Year with no shortage of adjectives to describe the month in markets that was January.  While it remains unclear how broad the participation has been and to what degree the strength is sustainable, there is no question that investors, helped by the world’s central banks, moved […]