Joseph Y. Calhoun III

About Joseph Y. Calhoun III

Joe Calhoun is the President of Alhambra Investments, a fee-only Investment Advisory firm doing business since 2006. Joe developed Alhambra's unique all-weather, multiple asset class portfolios. Give us a call today at 1-888-777-0970 or via email at info@alhambrapartners.com and we’d be happy to arrange for one of our investment professionals to discuss your situation with you – completely complimentary. Let’s start the conversation today.

Macro Monthly: Status Quo

By |2025-10-07T23:59:07-04:00October 7th, 2025|Alhambra Research, Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter|

There has been a lot of change in economic - and other - policies this year but not much change in the economic outlook. We've had a large tax hike in the form of import taxes (tariffs), a comprehensive tax and spending bill, a DOGE attack on various government departments, more government employee layoffs than has ever happened in one [...]

Weekly Market Pulse: No Data, No Problem

By |2025-10-06T07:21:04-04:00October 5th, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Newsletter, Real Estate, Stocks|

The federal government shut down last week so we didn't get the monthly employment report last Friday and I think that may be the best news investors have gotten all year. I expect a lot of government generated economic reports to be missed during the shutdown, which I think could drag on a lot longer than previous versions. With the [...]

Weekly Market Pulse: The Most Interesting Chart In The World

By |2025-09-29T08:07:49-04:00September 28th, 2025|Alhambra Portfolios, Alhambra Research, Commodities, Currencies, Economy, Markets, Newsletter, Stocks|

The price of gold set an all-time record last week, with futures trading over $3800 and spot prices just a bit less. The new price high was also an inflation-adjusted all-time high, breaking the previous record set in 1980 of about $3500 in today's dollars. The most important question facing investors today is this: why has gold more than doubled [...]

Weekly Economic Pulse: A Goldilocks Rate Cut

By |2025-09-25T07:47:05-04:00September 24th, 2025|Alhambra Research, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter|

The Federal Reserve cut their target for the federal funds rate by 25 basis points last week due to concerns about labor market weakness. Job creation has certainly been weak the last 3 or 4 months but that is largely due to the uncertainty created by the Trump administration's  haphazard implementation of their economic program. Well, not entirely. It is [...]

Weekly Market Pulse: The Economic Hippocratic Oath

By |2025-09-22T06:58:56-04:00September 21st, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter, Real Estate, Stocks|

The Federal Reserve's Open Market Committee met last week with both Lisa Cook and Stephen Miran voting (more on that later). The committee lowered the target for the federal funds rate by 25 basis points and hinted at future cuts: Recent indicators suggest that growth of economic activity moderated in the first half of the year. Job gains have slowed, [...]

Weekly Economic Pulse: Meh

By |2025-09-17T06:27:03-04:00September 16th, 2025|Alhambra Research, Bonds, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter|

With the dollar index and interest rates in downtrends, it seems the US economy is slowing absolutely and relative to the rest of the world. The slowdown, so far, doesn't look that severe and we are likely to get a rate cut from the Fed this week. Last September, the Fed surprised the market with a 50 basis point cut [...]

Weekly Market Pulse: Nuance Is Subtle

By |2025-09-15T07:30:32-04:00September 14th, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Newsletter, Real Estate, Stocks|

Nuance: A subtle difference in or shade of meaning, expression, or sound. A subtle difference or variation. The origin of the word nuance is a Latin word, "nubes", which means cloud. It is also from the French "nuer" which means "to shade". Why am I parsing the meaning and origin of the word nuance? Because we seem to have lost [...]

Weekly Market Pulse: The Slowdown Continues

By |2025-09-08T15:08:13-04:00September 7th, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter, Real Estate, Stocks|

I've said many times that no one should pay much attention to the monthly payroll figures because they are barely more than wild guesses, something the current administration's economic team only recently discovered. Last week's report for August, by itself, doesn't mean much and will be revised so I wouldn't put much emphasis on it. What investors should pay attention [...]

Weekly Market Pulse: The Sound Of Silence

By |2025-09-02T09:04:51-04:00September 1st, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter, Real Estate, Stocks|

When I first got in this crazy business nearly 35 years ago, an older advisor took me under his wing and shared with me all that he had learned over his 40+ year career. One of the first things he told me was that I shouldn't worry about the things that everyone else was worrying about. Those things were "well [...]

Weekly Market Pulse: A One-Handed Economist

By |2025-09-04T09:04:54-04:00August 25th, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter, Real Estate, Stocks|

All my economists say 'on one hand' then 'but on the other'. Can't someone bring me a one-handed economist? Maybe Harry Truman but on the other hand maybe Charles Frederick Carter or on the other hand maybe it was a one-armed economist Jerome Powell's speech at Jackson Hole last Friday was widely perceived as a capitulation, an admission that rate [...]

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