Joseph Y. Calhoun III

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.

Conventional Wisdom Is Nothing of The Sort

By |2021-01-19T11:31:10-05:00January 18th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Taxes/Fiscal Policy|

If you had known in October all that would transpire over the next 2 ½ months, how would you have positioned your portfolio? The conventional wisdom before the election was that a Biden win would be negative for stocks because he has promised to raise taxes and specifically corporate taxes. In 2016, conventional wisdom was that a Trump victory would [...]

Tactical Update: Long-Term Trends

By |2020-12-24T07:52:40-05:00December 24th, 2020|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

Note: There are a lot of charts in this post. That doesn't mean that we are technicians. We use charts because we are primarily interested in trends, especially long-term, big-picture trends. And charts are the easiest way to present that information. In general, you will want your tactical adjustments to respect the long-term trend. There are times when it makes [...]

Winning The Beauty Contest

By |2020-12-21T16:23:12-05:00December 13th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

One of the hardest things to understand as an investor is that markets sometimes - often - don't line up with economic reality. Markets rarely reflect current economic conditions and at times they seem to discount a future that seems highly unlikely at best, and delusional at worst. That seems to be the case today, as stocks sit near all-time [...]

Tesla Isn’t A Car Company

By |2020-12-21T16:25:25-05:00December 2nd, 2020|Alhambra Research, Markets, Stocks|

We have the luxury, the honor, of speaking to a lot of individual investors here at Alhambra. Whether they are clients or future clients (optimism is my default condition), the most common view of stocks is that they are overvalued and a fall – a large fall – is inevitable. And there is no stock that embodies that view more [...]

Tactical Update: Uncertainty Abounds

By |2020-10-13T13:22:44-04:00October 13th, 2020|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

This seems an opportune time to review the difference between Strategy and Tactics. Strategy and tactics are how we achieve our goals and objectives. In our specific case, the goals and objectives are financial in nature. Strategy is the path we will take to get from where we are today to where we want to be tomorrow; it is the [...]

Monthly Macro Monitor – September 2020

By |2020-09-28T19:14:41-04:00September 28th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Stocks|

The economic data over the last month continued to improve but the breadth of improvement has narrowed. Additionally, while most of the economic data series are still improving, the rate of change, as Jeff pointed out recently, has slowed. I guess that isn't that surprising as the initial phase of the recovery comes to an end. 2nd quarter was a [...]

Uh Oh, The Dollar Has Caught A Bid

By |2020-09-23T19:34:15-04:00September 23rd, 2020|Alhambra Research, Bonds, Commodities, Currencies, Markets, Stocks|

Anyone who follows Alhambra knows that we keep an eye on the dollar. It is a very important part of our process of identifying the economic environment. A rising dollar, when combined with a falling rate of growth, can be a lethal combination. That was the situation in March and of course during the financial crisis of 2008. So the [...]

Monthly Market Monitor – August 2020

By |2020-09-06T22:20:12-04:00September 6th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

Many of the weak dollar trends I noted in June’s update have moderated - even as the dollar has weakened further. US stocks surged over the last month, with growth indices leaving their value counterparts in the dust…again. About the only exception on the equity side was China, which outperformed for much the same reason as US growth – technology [...]

Monthly Macro Monitor – August 2020

By |2020-08-20T15:33:20-04:00August 20th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

One of the advantages we enjoy here at Alhambra is the opportunity to interact with a lot of investors. We talk to hundreds of individual investors on a monthly basis, giving us a front-row seat to everyone’s fear and greed. Economic data tells us about the past, which isn’t particularly useful for investors focused on the future. Sentiment, though, is [...]

A Tactical Update: Whither Goest The Dollar

By |2020-07-27T16:17:46-04:00July 27th, 2020|Alhambra Portfolios, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Our Fortress strategic asset allocation includes 5 distinct asset classes: The Fortress allocation has historically produced better risk-adjusted returns than the traditional 60% stocks/40% bonds allocation. The bond allocation is varied to adjust the risk of the portfolio. A Fortress allocation with 20% bonds has produced a higher return with lower standard deviation (volatility) than the 60/40 portfolio. In a [...]

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