Traders TEST Central Banks

Some bond market participants have taken matters into their own hands and are testing global central bankers. Rates are rising in such a way that is in ‘direct conflict’ with global central banking policies of low rates.  The narrative which continues to be repeated until it is believed is that rates are UP as a […]

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10yr Treasury hits 1.30% and the bond market selloff hits PAUSE. Here’s what is next.

With equities at or near all time highs and Treasury yields climbing for a variety of reasons (economic data being impacted by fiscal stimulus along with misplaced HOPE of inflation), it is easy to consider Treasury bonds ‘dead money’. Treasury yields are becoming more attractive on a global scale and at time of the month […]

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A Look Back and A Look AHEAD

It has been said that to know where you are going, you must know where you’ve been. It is with THAT in mind, I’d like to make a couple quick comments. On November 2nd, BEFORE THE election, I sent in a note to Etico Partners institutional clients and said the following: …The die is cast […]

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Q3 Investor Letter

The third quarter finished strongly after a rocky three week stretch in September.  The S&P was up  8.47% (click HERE to see sectoral breakdown) adding to a record second quarter bouncing off of the  Q1s 20% (click HERE to see sectoral breakdown) draw down.  Technology, healthcare, consumer staples and basis materials have lead the market […]

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The Wealth Effect

This morning I would like to take a moment and offer some updated context for what many are (hopefully)experiencing. Perhaps you’ve heard of the concept known as The Wealth Effect. Here’s a definition from Investopedia: Jun 26, 2019 – The wealth effect is a behavioral economic theory suggesting that people spend more as the value […]

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Lehman Brothers

The traditional 12th anniversary gifts are silk and linen. The modern 12th anniversary present is pearls. Today happens to be the 12th anniversary of what is STILL the largest bankruptcy filing EVER. This is an excerpt from History.com …Out of options, Lehman Brothers declared bankruptcy early on the morning of September 15. The firm declared […]

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Stocks vs. Bonds

I thought it might be helpful to put the recent equity moves into some BOND context. Here is a RATIO of SPY vs TLT. These are a couple of the most popular ETFs which track large cap stocks as well as long duration fixed income. Hopefully it’s true what they say and a picture is […]

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