Tactical Update
We continue to hold to the thesis that we reside in a cyclical bull market in the context of a secular bear market. The cycle seems to be concentrated in discretionary items like automobiles and ipads. An aging fleet of cars needs to be replaced. The average age of a car in the US is .. read more
Tactical Portfolio Update – Quarterly Performance Q1
The following is a presentation of current asset allocation and performance for Alhambra Investment Partners Tactical Strategies as of 3/31/2012. The performance presentation represents the gross of fees, time-weighted return versus each portfolio’s designated benchmark. The performance represents the underlying modeled strategy of client accounts at Folio Institutional. Global Opportunities .. read more
Tactical Update
This week, one particular article sparked an intense internal dialogue about some of the global economic realities that have us concerned. The article is from Peking University’s Professor Michael Pettis. Prof. Pettis opines that Chinese citizens would rather save than spend and that Japan, who has recently run a current account deficit, would prefer to .. read more
Tactical Update
Some important items to take away from this week: The Greek 170bln bailout package was finalized. The Fed assessed the economy as improving and instituted no new monetary programs and will continue to reinvest principal and roll over expiring treasuries at auction. Fed Press Release Commercial and Industrial loan growth is robust and the latest .. read more
Independent Adviser v Broker/Dealer
I don’t even feel compelled to write anything…these parting words say it all. Op-Ed to the NYT from departed Goldman Executive Director, Greg Smith, Why I am Leaving Goldman Sachs: To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about .. read more
Monetary & Fiscal Policy combination
Market Environment
At Alhambra, as Joe Calhoun wrote last month, we embrace the merits of both value and momentum in investing. The decision to buy value or momentum, though, should not be made in isolation. At Alhambra, our tactical strategies embrace long term investment solutions which incorporate value and momentum decisions based, first, upon our analysis of .. read more
Tactical Update
The investment team made the decision to take advantage of recent market strength and take our risk/return perspective from extremely favorable back close to neutral. The decision is the result of economic factors we have pegged as worthy of concern and further monitoring, a potential peak in short term investor sentiment and the uncertainty surrounding .. read more
