The Illusion that "Old Measures No Longer Apply"
Put simply, it’s not valuation norms that have increased, but instead the willingness of investors to repeatedly chase stocks to valuation levels that remain associated with predictably dismal subsequent outcomes.
How to Rebuild Healthcare Right
Today we’ll look at the remarkable results the Cleveland Clinic has already achieved with its 100,000+ employees and dependents and with numerous corporations they work with. They are making people healthier and reducing medical costs. It is a model that I think could work on a much broader scale.
How Fund Managers Are Currently Positioned
Global equities are more than 15% higher than in February. A tailwind for this rally has been the bearish positioning of investors, with fund managers' cash in October rising to the highest level since 2001. Similarly, their equity allocations are now like those in February, mid-2010 and mid-2012, periods which were notable lows for equity prices during this bull market. Overall, fund managers' defensive positioning supports higher equity prices in the month(s) ahead.
Breaking Up Is Hard to Do
Is Weak Productivity to Blame for Sluggish Consumer Spending?
Although bad for your pocketbook and savings, the possibility of higher taxes is expected to increase interest in tax-free municipal bonds, especially among top earners. For over a year now, muni bond funds have seen positive weekly inflows, with $147 million going in during the week ended October 17. I expect this trend to continue as we head closer to the election, and beyond.
Are There 'Good Months' and 'Bad Months' to Invest?
There are seasons I look forward to during the year — the warm months for fishing and the cold months for hunting — and some I’d just as soon avoid — like hurricane season and allergy season.
Global Growth Themes and Forecast (Infographic)
Every quarter, we update our global forecast map. Explore our key themes by region in our latest infographic.
Third Quarter 2016 Economic & Capital Market Summary
In order to make sense of what is taking place in our economy, capital markets and even our society, we are working within a paradigm in which we assume that our form of democracy and capitalism is changing at a more rapid pace than before.
Preparing for Post-Election Social Unrest
The 2016 election year is bringing out the worst among some elements of society.
Inflation and Everything Else
It’s been a while since I wrote about inflation, the general increase in prices that makes everything cost more. Inflation has been so low recently that it hasn’t really been a priority.