The Times They Are A-Changin’

As we approach the end of summer, here’s my perspective on economic issues worth watching. Employment The big new noise is the July employment report. Job growth surged, according to the Department of Labor. The US economy added 255,000 positions, according to the Department of Labor, far more than the 180,000 increase that economists had […]
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Macro, Markets, and Malarkey

Stocks and Bonds It feels like forever ago, but back in February, the S&P 500 hit its lowest level since 2014 as global growth fears spooked investors, leading to liquidations and deleveraging—most notably for sovereign wealth funds. Fast forward to now…as of the end of July 2016, the S&P 500 closed at 2,173.60—up 7.5% from […]
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REITs vs. Your Home

Many people don’t have an investment allocation to real estate investment trusts (“REITs”) because they believe they already have “enough” exposure to “real estate” through ownership of their home. REITs and your home are very different asset classes with very different characteristics. REITs invest primarily in commercial real estate, which is any non-residential property used […]
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The Wave of Private Capital Behind Public REITs

Flush with record levels of cash, many private capital real estate managers are buying up publicly traded real estate investment trusts (“REITs”) to take advantage of the gap between public REITs and private real estate valuations.  Historically, commercial real estate in the private market has usually transacted at, or near, fair value (or else the […]
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A Different Liquidity Trap

Liquidity has its dangers. The evidence is fairly clear that humans (and that category includes most investors) tend to make economic decisions that are not in their best interest. Liquidity, as it turns out, can enable this irrational behavior. Let me back up. Behavioral finance is a young science that uses psychology to understand irrational […]
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Be Careful What You Wish For

Managed Futures Post Brexit

Fear Is Not An Investment Decision

The End of the Beginning or Beginning of the End (Redux): Written Commentary

For those of you who did not have the time to watch the video on this topic, below is a more complete text of what I had to say: Tragedies in Orlando and in England by themselves are difficult to comprehend and clearly represent elements of extremism that indicate some “permission” to behave at the […]
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The End of the Beginning or Beginning of the End (Redux): Video Commentary

  Links to Referenced ThinkAdvisor and Blog Content: A Different Liquidity Trap The End of the Beginning or the Beginning of the End?