We continue to view the bond market as a “return-free risk”. It is a very crowded trade, as institutions and individuals have fled what they perceive as riskier equity assets, for what they believe is solid income generated by bonds. Yet, with yields as low as they are today, it only takes a small move down in bond prices to wipe out…
Most of the world’s oil production is controlled by state-run and/or state-owned enterprises. National oil company production policy is dictated by oil ministers of various OPEC and non-OPEC oil producers, with only the U.S. producers at a disadvantage in a not-so-free market. It is time for our government to recognize the vital national security role…
Nearly 90 million Americans are out of the labor force. The reason why so many have left has been the subject of intense debate on Wall Street among investors, and in Washington among policy-makers. On Wednesday, the Bureau of Labor Statistics shed some light on this issue, but effectively split the difference on the causes of so many Americans not…
The US economy continued to grow at a slow but steady pace in the Third Quarter of 2015. Coming in at 2%, GDP slightly beat forecasts of 1.9% growth. This matches our firm’s internal forecast by Dr. Lewis Spellman, Macro-economist. “This continues to be a muddle through economy, with domestic strength slowed by weak economies overseas, especially…