Real Estate

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 [...]

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 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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