Real Estate

Global Asset Allocation Update

By |2018-08-02T09:20:03+00:00August 1st, 2018|Alhambra Research, Bonds, Commodities, Currencies, Global Asset Allocation Update, Investing, 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 [...]

Global Asset Allocation Update

By |2018-05-15T17:53:08+00:00May 15th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Global Asset Allocation Update, Investing, 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 [...]

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

By |2018-01-15T17:48:01+00:00January 15th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Monthly Macro Monitor, 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 [...]

Global Asset Allocation Update

By |2017-10-26T19:49:01+00:00October 26th, 2017|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Global Asset Allocation Update, Investing, 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 [...]

Global Asset Allocation Update: Step Away From The Portfolio

By |2017-09-22T14:35:31+00:00September 22nd, 2017|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Global Asset Allocation Update, Investing, 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 [...]

Global Asset Allocation Update: No Upside To Credit

By |2017-08-18T12:02:15+00:00August 18th, 2017|Alhambra Research, Bonds, Commodities, Currencies, Global Asset Allocation Update, Investing, 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 [...]

Questions

By |2017-07-18T18:33:42+00:00July 18th, 2017|Bonds, Currencies, Economy, Markets, Real Estate|

Why is inflation ex-food and energy considered core? Isn't food and gas about as core as it gets for most people? Why do economists think it is important to stabilize the price of luxuries but not the price of needs? As a society shouldn't we prefer a monetary policy that stabilizes food, energy and shelter [...]

Global Asset Allocation Update: Not Yet

By |2017-07-17T18:22:01+00:00July 17th, 2017|Alhambra Research, Bonds, Commodities, Currencies, Global Asset Allocation Update, Investing, 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 no changes to the portfolio this month. Growth and inflation expectations rose somewhat since last month's update. The change is minor though and within the range of [...]

Global Asset Allocation Update:

By |2017-06-19T16:17:41+00:00June 19th, 2017|Alhambra Research, Bonds, Commodities, Currencies, Global Asset Allocation Update, Investing, 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 no changes to the portfolio this month. The growth and inflation outlook continued to weaken somewhat since last month's update. Certainly nothing very dramatic though, just a [...]

Global Asset Allocation Update

By |2017-05-18T18:48:22+00:00May 18th, 2017|Alhambra Research, Bonds, Commodities, Currencies, Global Asset Allocation Update, Investing, Markets, Politics, 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, however, changes within the asset classes. We are reducing the equity allocation and raising the allocation to REITs.  Based on the bond markets there has been little [...]