Are Stocks Too Expensive?

Logic holds that as an item becomes more expensive, buyers become more reluctant. In a retail setting, you don’t hear people say, “No, I’m going to wait until it becomes more expensive before I buy.” That would be ridiculous, right? Not for the stock market! In fact, this thinking is related to one of the […]

What to Look Out for as Fed Considers Rate Hike

Perhaps not surprisingly, the Federal Reserve left the fed funds rate unchanged in their June meeting, almost certainly on the back of a weak May jobs report (+11,000 m/m). It is yet another example of the Fed’s hypersensitivity to single data points or events, much like their choice to delay a hike in the beginning […]

Free Trade vs. Protectionism – Where I Stand

The aftermath of the “Brexit” vote is sure to create plenty of winners and losers, but perhaps most-watched will be those affected in the realm of trade. At this stage, there’s no sense in speculating how the trade relationship between Britain and the EU will ultimately look— there are far too many unknowns. But, what […]

4 Reasons to Invest in the US Stock Market

With Brexit analysis consuming the vast majority of investor news airtime (and because we just celebrated our 240th year of independence), I think it’s the perfect time to bring the U.S back into the spotlight. When you’re positioning your investment portfolios for the next six to twelve months, take my advice: don’t forget about America’s […]

4 Investment Implications of the “Brexit”

The UK’s decision to leave the European Union (EU) created a myriad of uncertainties about the economic futures of Europe and Britain. I’ve seen many pundits remark that ‘the market at least has clarity given the vote is over,’ but even that is uncertain at this stage. The referendum itself is powerless until Britain invokes […]

“The Most Pessimistic Bull Market in History”

A recent article in the Wall Street Journal called this “The Most Pessimistic Bull Market in History.” It’s difficult to argue against such a claim. Since 2009, the coverage of this bull market and economic expansion has focused on ‘below average’ GDP growth, little-to-no wage growth and an economy that’s seemingly treading water seven years […]

Stay or Go—How a “Brexit” Could Impact the Market

On June 23rd, Brits will vote in a referendum on whether to remain in the European Union (EU), or leave. Depending on which news story you read, leaving the EU could devastate the UK’s economy or free it from the shackles of EU regulation. So which is it? The only answer is: it’s neither. That’s […]

Time to Invest Defensively?

The title of this week’s column suggests I’ve turned bearish—I haven’t. We’ve said all year that we expect middling, but positive, returns from equities in 2016. In my view, we’re likely to see returns in the mid-single digits. Growth is slow, but it’s still growth. Also, as there are more tailwinds than headwinds occurring, we […]

Beware of Debt Skeletons in Corporate America’s Closet?

Last week, I wrote about public debt levels in America. The conclusion drawn was that, while America’s debt levels have grown swiftly relative to GDP in the last decade, it’s also true that our debt-to-GDP ratio has been higher in the past. Think post World War II era—higher debt during this period was not debilitating […]

Is US Debt Crippling the Economy?

U.S. debt has been a hotly debated topic for as long as it’s existed—which means it’s always been a hotly debated topic. The thought of knowing that our country has some $19 trillion in total debt outstanding makes many stomachs turn, especially when you consider that it’s more than our total annual GDP (estimated at […]