Real Estate

Big Picture: Long-Term Trends In Markets

By |2019-09-26T17:13:38-04:00September 26th, 2019|Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

The investment industry is always focused on the short-term, an attempt I think to justify fees through activity. A recent example is the breathless reporting about a short term shift toward value stocks. Value has underperformed for so long that everyone is hyper-focused on finding the inflection point so every wiggle in that direction is hailed as the turning point. [...]

Living In The Present

By |2019-01-10T17:15:44-05:00January 5th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

The secret of health for both mind and body is not to mourn for the past, nor to worry about the future, but to live in the present moment wisely and earnestly. Buddha Review It's that time of year again, time to cast the runes, consult the iChing, shake the Magic Eight Ball and read the tea leaves. What will [...]

Global Asset Allocation Update

By |2019-10-23T15:07:24-04:00August 1st, 2018|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

The risk budget is unchanged again this month. For the moderate risk investor, the allocation between bonds and risk assets is evenly split. The only change to the portfolio is the one I wrote about last week, an exchange of TIP for SHY. Interest rates are on the rise again, the 10-year Treasury yield punching through 3% again this morning. [...]

Global Asset Allocation Update

By |2019-10-23T15:07:27-04:00May 15th, 2018|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

The risk budget changes this month as I add back the 5% cash raised in late October. For the moderate risk investor, the allocation to bonds is still 50% while the risk side now rises to 50% as well. I raised the cash back in late October due to the extreme overbought nature of the stock market and frankly it [...]

Bi-Weekly Economic Review: A Weak Dollar Stirs A Toxic Stew

By |2019-10-23T15:09:43-04:00January 15th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Economic Reports Employment We received several employment related reports in the first two weeks of the year. The rate of growth in employment has been slowing for some time - slowly - and these reports continue that trend. The JOLTS report showed a drop in job openings, hires and quits. The Fed has been talking about a tight labor market [...]

Global Asset Allocation Update

By |2019-10-23T15:07:32-04:00October 26th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

The risk budget this month shifts slightly as we add cash to the portfolio. For the moderate risk investor the allocation to bonds is unchanged at 50%, risk assets are reduced to 45% and cash is raised to 5%. The changes this month are modest and may prove temporary but I felt a move to reduce risk was prudent given [...]

Global Asset Allocation Update: Step Away From The Portfolio

By |2019-10-23T15:07:33-04:00September 22nd, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50. There are no changes to the portfolios this month. The post Fed meeting market reaction was a bit surprising in its intensity. The actions of the Fed were, to my mind anyway, pretty much [...]

Global Asset Allocation Update: No Upside To Credit

By |2019-10-23T15:07:33-04:00August 18th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50. There are other changes to the portfolio though so please read on. As I write this the stock market is in the process of taking a dive (well if 1.4% is a "dive") and [...]