201605.10
Off
1

Global Asset Allocation Update

The risk budgets are unchanged again this month. For the moderate risk investor, the allocation between risk assets and bonds remains at 40/60. It was tempting to raise the risk allocation this month and up our allocation to the weak dollar investments we’ve favored for some time. But the only indicator that really improved was credit…

201604.08
Off
0

Global Asset Allocation Update

The risk budgets are again unchanged for this month. For the moderate risk investor, the allocation between risk assets and bonds remains at 40/60. The changes in our indicators this month were not significant enough to warrant a change. Credit spreads stopped narrowing and have recently been widening again, ever so slightly. Valuations, long term…

201512.20
1
0

The Weekly Snapshot

Top News Headline Stocks end down after wild 700 point range trading. US ends oil export ban. Crickets chirp. Republicans debate, Democrats debate, the nation shudders. Star Wars: The Force Awakens shatters box office records. I visit the mall to Christmas shop, discover the obesity epidemic is not solved, mirrors in short supply. Economic News…

201512.13
1
0

The Weekly Snapshot

Top News Headlines Kinder Morgan, Freeport McMoran, Anglo-American cut dividends Climate deal reached in Paris. Not legally enforceable, all voluntary, no one cares. Dow, Dupont agree to merge, divest and keep Wall Street employed. Junk bond fund halts redemptions. Economic News China loosens Yuan peg to the dollar. Oil hits new lows. Jobless claims hit…

201512.12
Off
0

Global Asset Allocation Update

The risk budget this month is unchanged. For the moderate risk investor, the allocation between risk assets and bonds remains at a defensive 40/60 versus the benchmark of 60/40. However, we are watching credit spreads very carefully because the BofA ML US High Yield Master II OAS is approaching 7.5%. That is a level that…

201511.27
Off
0

The Weekly Snapshot

Top News Headlines Turkey and Russia spar over airspace. Russian promises retaliation for fighter shoot down. Brussels shuts down for days in terrorist hunt. Chicago policeman charged with murder. Stocks little changed on the week, no follow through from last week’s rally. Pfizer, Allergan agree to merge for tax benefits, politicians posture, threaten. Economic News…

201511.20 0

The Weekly Snapshot

Top News Headlines Paris terrorists dispatched; hostage crisis in Mali ends with 27 dead. Stocks have a big week, up over 3%. Fed minutes are dovishly hawk-like. United Health says losing millions on Obamacare, may pull out of exchanges next year. Israeli spy Jonathan Pollard released from US prison. Square prices IPO at half off…

201511.15
1
0

The Weekly Snapshot

Top News Headlines 129 Dead, Over 500 injured in Paris Attacks Retail stocks bludgeoned after earnings reports Republicans and Democrats Debate, America Appalled At Choices Stocks fall, bonds rally, oil craters Selfish brats protest adulthood, demand to be coddled in University demonstrations Economic News Neil Kashkar named head of Minneapolis Fed Eurozone growth slows, industrial…

201511.13
Off
0

Global Asset Allocation Update

The risk budget this month is unchanged. For the moderate risk investor, the allocation between risk assets and bonds remains at a defensive 40/60 versus the benchmark of 60/40. Credit spreads narrowed on the month but the widening trend is intact and has recently resumed. Valuations are still excessive and 3rd quarter earnings have been…

201510.30
Off
0

The Weekly Snapshot

Top News Headlines October best month for stocks in four years. Valeant troubles continue. Pfizer, Allergan consider merger. Earnings, earnings, earnings. CNBC botches Republican debate. Debt deal reached between President and Republicans. Economic News Fed leaves rates unchanged; statement points to December hike. Yeah, right. BOJ leaves QE program as is. GDP disappoints at 1.5%…