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Weekly Market Pulse: TANSTAAFL

By |2022-05-16T07:41:16-04:00May 15th, 2022|Alhambra Portfolios, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

TANSTAAFL is an acronym for "There ain't no such thing as a free lunch". It has been around a long time - Rudyard Kipling used it in an essay in 1891 - but it was popularized by Robert Heinlein's 1966 book, "The Moon is a Harsh Mistress". In economics, it most often refers to tradeoffs or opportunity costs; resources are [...]

Global Asset Allocation Update

By |2019-10-23T15:07:27-04:00May 15th, 2018|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, 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 stock market and frankly it [...]

Global Asset Allocation Update

By |2019-10-23T15:07:32-04:00October 26th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, 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 reduce risk was prudent given [...]

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