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: The Market Did What??!!

By |2021-04-19T07:11:25-04:00April 18th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

One of the most common complaints I hear about the markets is that they are "divorced from reality", that they aren't acting as the current economic data would seem to dictate. I've been in this business for 30 years and I think I first heard that in year one. Or maybe even before I decided to lose my mind and [...]

Weekly Market Pulse: Buy The Rumor, Sell The News

By |2021-04-05T07:44:47-04:00April 4th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

There's an old saying on Wall Street that one should "buy the rumor, sell the news", a pithy way to express the efficient market theorem. By the time an event arrives, whatever it may be, the market will have fully digested the news and incorporated it into current prices. And then the market will move on to anticipating the next [...]

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 [...]

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 [...]

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