Macro Note: Is Inflation Here to Stay?

The Inflation of the 1970s is Different From Today’s In the prior Macro Note, we discussed the short-term inflation dynamics […] To access this content please upgrade to another membership

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Portfolio Update: Closing Crude Oil (OIL) Short

Back in June we laid out our thesis on why oil prices would fall and drive disinflation. In our last […] To access this content please upgrade to another membership

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Macro Note: The Fed is Dominating Consumer Psyche

Services (ex-Shelter) is Cooling Off Over the last few months, we’ve been documenting our view that inflation was on the […] To access this content please upgrade to another membership

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Macro Note: Growth Hasn’t Been This Expensive Since the Depression

Growth Stocks See Reversal of Good Fortune In the last Macro Note we detailed our portfolio’s exposures to value and […] To access this content please upgrade to another membership

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Macro Note: The Fed, China and Our Portfolio

Falling Rates Favor Growth Stocks In today’s Macro Note we expand our recent work on value and growth by taking […] To access this content please upgrade to another membership

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Macro Note: Value Isn’t What You Think It Is

Returns to Value Stocks Depend on How We Define Value Last Friday we posted a Macro Note explaining the secular […] To access this content please upgrade to another membership

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Macro Note: What Should We Own, Growth or Value?

Disinflation and Falling Rates Favor Growth Stocks Next Year When to bet on value stocks versus growth stocks has been […] To access this content please upgrade to another membership

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Adding Korean Stocks to Our Model Portfolio

Here’s the video version of the article: Summary Expanding on our thesis of dollar weakening, we’re adding Korean stocks (EWY) […] To access this content please upgrade to another membership

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Adding Silver and Copper Miners to Our Model Portfolio

Here’s the video version of the article: Summary The recent dollar weakness has boosted prices of precious and industrial metals, […] To access this content please upgrade to another membership

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The Dollar Has More Downside From Here

Here’s the video version of the article: Summary The big runup in the dollar that began in June of 2021 […] To access this content please upgrade to another membership

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