dterry

About Douglas R. Terry, CFA

Douglas Terry is a Senior Vice President at Alhambra Investments, a fee-only Investment Advisory firm doing business since 2006. Alhambra Investments specializes in all-weather, highly diversified, multiple asset class portfolios. Give us a call today at 1-888-777-0970 or via email at [email protected] 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: September Retail Sales

By |2023-10-17T13:06:42-04:00October 17th, 2023|Economy|

The street applauded this number and bond yields soared. The market initially sold off as bond yields hit 4.83%, a new cycle high. Stocks were down as much as 1.5% before recovering all their losses by lunchtime. I think the retail sales number confirms the strength of the 3rd quarter. Optimism for earnings is currently outweighing higher interest rates. In [...]

Macro: Empire State Manufacturing Survey

By |2023-10-16T13:28:19-04:00October 16th, 2023|Economy|

Our first look at October numbers. Similar to the consumer sentiment report, we did see a down tick from last month and the survey did go back into negative territory. But, from a broader perspective we are still trending positive off the lows at the end of 2022.     Disclaimer: This information is presented for informational purposes only and [...]

Macro: Consumer Sentiment

By |2023-10-16T13:29:47-04:00October 16th, 2023|Economy|

The consumer is pessimistic relative to history. There was a down tick from last month. We don't know if the down tick means anything. The same thing happened in May and the consumer became more optimistic over the next 3 months. The broader trend is still up off the historic lows at the of 2022.

Macro: Sep CPI stuck at 3.7% YOY

By |2023-10-13T03:39:59-04:00October 12th, 2023|Markets|

The most anticipated release of the week came in ... "Unchanged" or sticky stuck from August at 3.7% yoy. But it's worth mentioning as we will discuss below that this is up from June CPI which was 3.09% yoy. Core CPI which excludes food and energy because of their volatility sits at 4.13% yoy down from 4.39% last month. Let's [...]

Macro: Factory Orders and PMI’s

By |2023-09-05T21:30:07-04:00September 5th, 2023|Markets|

Durable order soften after early summer strength. Total manufacturing remains slightly negative YOY% change. This is a July report. On Friday we received the survey data for August. The 2 indices continue to give a bit of a mixed message. The ISM number, while still contractionary looks like it may have bottomed in July. The S&P PMI continues to predict [...]

Happy Labor Day — Labor v Capital

By |2023-09-03T13:41:23-04:00September 3rd, 2023|Markets|

The age old argument of the importance of labor versus capital in society. Heather Cox Richardson, professor of history at Boston College, presents the viewpoints of South Carolina Senator James Henry Hammond and "rising politician Abraham Lincoln." Plot spoiler, it seems not much has changed since the late 1850's. It's a nice concise summary of the argument. https://open.substack.com/pub/heathercoxrichardson/p/september-2-2023?r=5wnnr&utm_campaign=post&utm_medium=web  

Is China Investable? China in the 21st Century

By |2023-08-31T09:55:41-04:00August 31st, 2023|Markets|

Unchanged this century. Value or no? Certainly a topic for discussion. Disclaimer: This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice or an investment outlook. The opinions and conclusions contained in [...]

Macro: Industrial Production

By |2023-07-20T11:42:46-04:00July 20th, 2023|Markets|

Industrial Production turns negative. Disclaimer: This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice or an investment outlook. The opinions and conclusions contained in this report are those of the individual [...]

Macro: Residential Construction

By |2023-06-22T09:19:44-04:00June 21st, 2023|Alhambra Research, Economy, Federal Reserve/Monetary Policy, Taxes/Fiscal Policy|

Housing starts rebounded nicely in May to 1631 units from a revised lower 1340 units in April. Permits went up sequentially as well, just not as much. Both series are above the historic mean and median levels. Housing starts actually showed 5.7% growth YOY. Permits declined 12.7% from a year ago, this was a slower decline and the smallest decline [...]

Contact

Go to Top