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stock market valuations

Weekly Market Pulse: Prophets of Doom

By |2023-10-16T08:05:11-04:00October 15th, 2023|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

I said a couple of years ago that I thought that once all the distortions were past, we'd be back to where we started prior to COVID, but with more debt. The decade from 2010 to 2020 was the slowest decade of nominal GDP growth since WWII and the prospect of another decade of that wasn't all that appealing but [...]

Tesla Isn’t A Car Company

By |2020-12-21T16:25:25-05:00December 2nd, 2020|Alhambra Research, Markets, Stocks|

We have the luxury, the honor, of speaking to a lot of individual investors here at Alhambra. Whether they are clients or future clients (optimism is my default condition), the most common view of stocks is that they are overvalued and a fall – a large fall – is inevitable. And there is no stock that embodies that view more [...]

Global Asset Allocation Update

By |2019-10-23T15:11:56-04:00September 8th, 2015|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Economy, Markets, Stocks|

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 continued to widen over the last month but the rate of change is still orderly. The change this month was not sufficient to trigger an additional sell signal. Valuations [...]

Secular Stagnation Or The Cusp Of A Boom?

By |2014-09-01T14:59:13-04:00September 1st, 2014|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Taxes/Fiscal Policy|

I've mentioned several times recently that within Alhambra we often have vigorous debates about the economy and markets. I'm a big believer in the power of competition to improve outcomes whether we are talking about the macro economy or the micro debates about portfolio strategy in which we engage. The debates we have internally are a form of intellectual competition, [...]

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