About Joseph Y. Calhoun III

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. Joe Calhoun is the President of Alhambra Investments, an SEC-registered Investment Advisory firm doing business since 2006. Joe developed Alhambra's unique all-weather, multiple asset class portfolios.

Weekly Market Pulse: As Clear As Mud

By |2021-07-19T08:07:27-04:00July 18th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

Is there anyone left out there who doesn't know the rate of economic growth is slowing? The 10-year Treasury yield has fallen 45 basis points since peaking in mid-March. 10-year TIPS yields have fallen by the same amount and now reside below -1% again. Copper prices peaked a little later (early May), fell 16% at the recent low, and are [...]

Weekly Market Pulse: Is It Time To Panic Yet?

By |2021-07-11T23:59:35-04:00July 11th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

Until last week you hadn't heard much about the bond market rally. I told you we were probably near a rally way back in early April when the 10-year was yielding around 1.7%. And I told you in mid-April that the 10-year yield could fall all the way back to the 1.2 to 1.3% range. The bond rally since April [...]

Weekly Market Pulse: Contrasts & Contradictions

By |2021-07-06T08:54:39-04:00July 5th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

Six months ago, the US was still reporting 226K new cases of COVID a day, a rate that would peak in the first half of January at over 300k. Daily deaths also peaked in those first two weeks of the new year at over 4000. The economy was still struggling to recover, most restaurants surviving on takeout traffic, and no [...]

Weekly Market Pulse: 1984

By |2021-06-28T07:38:58-04:00June 27th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Stocks|

Freedom is the freedom to say that two plus two make four. If that is granted, all else follows. George Orwell, 1984 I have said many times and believe deeply that our job as investors is not to predict the future but merely to interpret the present as accurately as we can. I've also said and believe deeply that doing [...]

Weekly Market Pulse: Never Mind

By |2021-06-21T08:12:02-04:00June 20th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

I thought of Gilda Radner this past week. Actually, I thought of a character she created on the original Saturday Night Live, Emily Litella, who was a regular on the Weekend Update segment. She'd start to rant about something topical, getting it completely wrong at which point Jane Curtin or Chevy Chase would explain it to her and she'd respond. [...]

Weekly Market Pulse: Who’s The Boss?

By |2021-06-14T08:26:10-04:00June 13th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

I told you last week that there were strange things going on in the labor market but I had no idea how much of an understatement that really was. Much of last week's economic focus was on the inflation report but I think the JOLTS report may turn out to be more significant. Inflation was indeed pretty hot year over [...]

Weekly Market Pulse: Looking For Workers In All The Wrong Places

By |2021-06-07T07:14:58-04:00June 6th, 2021|Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

We got another disappointing employment report last week. Well, that's what everyone said anyway, that the complete WAG by the BLS that the US economy added 559,000 jobs in May was below expectations and disappointing. I suppose it is a tad disappointing but I find it hard to lament the fact that a half-million Americans found jobs last month. There [...]

Weekly Market Pulse: Where’s That Confounded Boom?

By |2021-06-01T07:01:47-04:00May 31st, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

The US economy is still stuck in the stall it's been in since early spring. Sometime in mid-March everything just seems to have gone into suspended animation. Interest rates and the copper/gold ratio stopped rising. Real interest rates (TIPS) stopped rising. The US dollar started falling. But nothing has fallen so far as to warrant concern about a double-dip recession. [...]

Weekly Market Pulse: The Crypto Distraction

By |2021-05-24T07:28:03-04:00May 23rd, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

It was hard not to hear about cryptocurrencies last week what with the bear market and all. Actually, you can make the case that bitcoin has had two bear markets since mid-April. There was a 27% decline followed by a 27% rally, followed by last week's rout. From its intraday peak in April to its intraday low last week, bitcoin [...]

Weekly Market Pulse: Bonds Didn’t Get The Inflation Memo

By |2021-05-17T08:30:54-04:00May 16th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

It was all over the news last week. Inflation has arrived. The CPI was hotter than expected. The PPI was even hotter. Import prices were up and export prices were up more. It was impossible to miss the inflation story last week. Stocks got the message and sold off on the hot CPI and finished the week lower for a [...]

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