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    • VALUATION

      VALUATION 04-21-2015

      Most observers would agree that equities are rich (expensive, overpriced, etc.). Corporate profits are at record highs, and the forward ...

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    • SINE AQUA

      SINE AQUA 04-14-2015

      The Ancient Mariner violated Nature by killing an albatross for sport, thus condemning his boat and crew to the purgatory of the open sea where, one ...

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    • CALIFORNIA DREAMIN'

      CALIFORNIA DREAMIN' 04-02-2015

      Well, maybe not dreaming, but some thoughts.Below, my graph shows the unemployment rates for California and the US since 1976. California was ...

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    • NEW OWNERS

      NEW OWNERS 04-01-2015

      A few years, I was at a conference, standing in a buffet line. I must have become fixated on extracting the blueberries from the fruit platter (I ...

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    • 1ST QUARTER 2015 - FUNAMBULISM

      1ST QUARTER 2015 - FUNAMBULISM 04-01-2015

      Sports have been an integral part of human existence since, well, the beginning. Drawings in the Lascaux caves in France from more than 17,000 years ...

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    • NEGATIVE YIELDS

      NEGATIVE YIELDS 03-19-2015

      One of the (many) perplexing phenomena facing investors is the persistent (and falling) low yields on government bonds.Most of the time, we look to ...

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    • ERIN GO BRAGH!

      ERIN GO BRAGH! 03-17-2015

      In honor of St. Patrick, I thought I'd share this (mostly) green chart with you, showing the DJIA over the past 115 years, delineated by bull and bear ...

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    • REBALANCINGS

      REBALANCINGS 03-16-2015

      Apologies for slipping on the blogs, but I've been traveling around the continent, from Alaska to DC.One of the more common questions/comments we've ...

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    • NOT DEFLATION

      NOT DEFLATION 02-26-2015

      The Consumer Price Index dropped 0.7% in January, bringing the year-over-year change to negative 0.1%. With the exception of the 2008 financial ...

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    • DIVERSIFY

      DIVERSIFY 02-19-2015

      Each year for clients we update a very colorful graphic ranking the annual performance of various asset classes. Each asset class has its own color, ...

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    • PATIENCE

      PATIENCE 02-17-2015

      Interest rate cycles are long: lasting not years, but decades. Consequently, we don't have many data points for statistically significant conclusions ...

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    • WHERE HAVE ALL THE BONDS GONE?

      WHERE HAVE ALL THE BONDS GONE? 02-09-2015

      Apologies to Pete Seeger for stealing his song lyric, but I think bonds and flowers are sufficiently different that he wouldn't mind.The chart below ...

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    • DOLLAR

      DOLLAR 02-06-2015

      My quarterly letter talks about the strength of the US dollar and why it should continue to rise (see Chart below), but I wanted to note here the huge ...

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    • JOBS, JOBS, JOBS

      JOBS, JOBS, JOBS 02-06-2015

      The US economy is stronger than we think: 257,000 net new jobs in January, but another 404,000 jobs were "found" (due to a recalculation) in November ...

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    • CONSENSUS

      CONSENSUS 01-28-2015

      Europe is a mess, everyone agrees: poor demographics, sclerotic and oppressive regulation, political dysfunction. European stocks lost 6% last year as ...

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    • STATISTICS

      STATISTICS 01-20-2015

      Mark Twain wrote in his autobiography that there are three kinds of lies: lies, damned lies and statistics. How true.Revenue can be deferred (or ...

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    • SWISS CHEESE

      SWISS CHEESE 01-15-2015

      Back in 2011, as talk of the Eurozone disintegrating was at high pitch, investors fled to the perceived safety of the Swiss franc (CHF). Naturally, ...

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    • MARKET COMMENTARY

      MARKET COMMENTARY 01-13-2015

      A Secular Bull Market is generally defined as a long-term bullish trend consisting of larger bull markets and smaller bear markets or corrections. In ...

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    • WEIGHTY

      WEIGHTY 01-08-2015

      Among new year resolutions, losing weight tops the list for the majority of Americans. Actually, I made up that statistic, but in my defense, (a) it ...

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    • SHIPPING

      SHIPPING 01-02-2015

      First, happy new year to all!I walked into the office this morning to a crystal clear view of the Pacific. What a beautiful start to the year!In the ...

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    • 4TH QUARTER 2014 - CANUTE

      4TH QUARTER 2014 - CANUTE 01-01-2015

      Beginning in the late 8th century, an intrepid band of explorers set out from their harsh, frozen lands, first to plunder, then to conquer most of ...

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    • GDP

      GDP 12-23-2014

      Normally, I wouldn't comment on any single economic release, but today's GDP revision adds to the mounting evidence of a strengthening US economy. GDP ...

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    • TOO MANY WORDS

      TOO MANY WORDS 12-22-2014

      Among monetary economists, there is a raging debate over the merits of the Fed's burgeoning balance sheet. Back in November 2010, an open letter to ...

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    • ENERGY PANIC

      ENERGY PANIC 12-16-2014

      Take a look at the price of a barrel of good ol' West Texas Intermediate (see graph below). Two things jump out at me: big declines occur in ...

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