Invest Accordingly!

We have defended the market for years, forecasting higher operating margins, profits, cash flow, and higher earnings yields than bond yields. The debate continues as we remain in a choppy marke...

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We are undoubtedly in the midst of an economic slowdown as monetary authorities have declared war on inflation.  While the markets continue under pressure as short rates and the dollar rise, it...

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Storm Clouds Lifting Markets hate uncertainty, so when the unanswered questions get resolved, the markets react positively. Despite all the uncertainty surrounding the coronavirus, monetary and...

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Importance of Leadership The most crucial analysis we make, as investors, is assessing an organization’s leadership team, understanding their objectives and strategy so that we can measure th...

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The big question facing financial markets is whether inflationary pressures are transitory or not. We really will not know the answer until shortages end, supply issues/bottlenecks abate, and inv...

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Stagflation Ahead? Investors fear that we have entered a period of slow growth and high inflation: stagflation. We concur. However, this period will be short-lived as we wrap our arms around ...

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2022 Could be a Great Year Even though we are rapidly putting the delta variant in the rear-view mirror, financial markets are struggling due to a lack of leadership in D.C. We have shortages ...

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Challenging Times Markets like to climb walls of worry. Therefore, all markets are challenged today by the many issues we are dealing with such as the coronavirus, a more hawkish Fed, fiscal po...

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Getting Off Life Support Monetary authorities both here and abroad feel more confident in future economic growth as we are finally getting our arms around the Delta variant. Openings can accele...

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Markets Hate Uncertainty There are many questions out there today: when will the Delta variant peak; will opening reaccelerate; will shortages end; will supply line issues abate; will inflation...

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ADarkest Before Dawn If the Delta virus weren’t enough, the global economy must deal with multiple shortages and supply line issues, penalizing production and causing higher inflation. Demand...

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The Reopening Trade Revisited The Delta variant, Hurricane Ida, shortages, and supply line issues are penalizing growth in the third quarter but not our view of the other side. It may ensure hi...

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The Age of Digital Transformation Corporations’ operating profits, margins, cash flow, and ROIC are moving to new highs as the economy recovers from the pandemic, and managements have learne...

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The Pause that Refreshes The financial markets are under pressure as the economy slows due to the increase in Delta variant coronavirus cases while the Fed considers tapering, which makes no se...

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Think Globally in 2022 While U.S economic growth will slow incrementally from its current torrid pace, global growth will pick up as we enter 2022. Economic growth from other parts of the world...

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The Other Side The outbreak of the Delta variant has taken us by surprise. Still, it will not stop the global economy from expanding rapidly in 2022 thru 2023 as the number of vaccinations incr...

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Better Days Ahead While we are amid an increase in coronavirus cases around the world due to the highly infectious Delta variant, a successful investor will look over this valley, analyze the f...

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The Beat Goes On We are fundamental investors combining a top-down view of global macro-economic trends, including monetary and fiscal policies, with a bottom-up analysis of industry and compan...

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Stay Long and Diversified The financial markets will remain in a holding pattern at elevated levels until they gain more clarity on the impact on global growth from the coronavirus delta varian...

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Is the Reflation Trade Dead? We are always amused to hear the pundits on cable news commenting on the market. They have historically looked in the rearview mirror as a trader would, rather than...

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