Weekly Market Pulse: I Have Questions

By |2021-09-13T01:05:29-04:00September 13th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

The wise man is one who knows what he does not know. - Lao Tzu or Socrates or neither   It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so. - Mark Twain or Josh Billings or Artemus Ward or none of the above   Stocks are at all-time [...]

Weekly Market Pulse: The Illusion of Control

By |2021-08-30T07:47:06-04:00August 29th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Jerome Powell delivered his long-anticipated speech at Jackson Hole last week. Well actually, I have no idea if he was actually in Jackson Hole since the speech was delivered electronically, another victim of the delta variant. The virus itself rated barely a mention in Mr. Powell's remarks and I think that is probably as it should be. There has been [...]

Weekly Market Pulse: What Is Today’s New Normal?

By |2021-08-09T08:29:06-04:00August 8th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Remember "The New Normal"? Back in 2009, Bill Gross, the old bond king before Gundlach came along, penned a market commentary called "On the Course to a New Normal" which he said would be: "a period of time in which economies grow very slowly as opposed to growing like weeds, the way children do; in which profits are relatively static; [...]

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 [...]

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