I wrote a week ago about how international equities may be finally getting the help they need to break the back of a long-term underperformance trend. It’s a trend that has caused international stocks to underperform US stocks in eight of the last eleven years. But now we have valuations and other fundamentals in the […]
As expected, today the Fed cut rates. Bryce recaps the Fed’s policy stance, takeaways from the meeting and how the market reacted. Steve uncovers a relationship between the energy market and bonds: the more the US has become a net exporter of energy, the more downward bias on the term premium of long-duration bonds. […]
EAFE stocks, those in the developed Europe and Asia regions, have underperformed US stocks in eight of the last eleven years. That batting average might be decent if you are a professional baseball player, but not so much if you are a professional investor. What’s even worse is that in two of the years in […]
Last week the Federal Reserve announced the re-commencement of large scale asset purchases in order to alleviate funding pressures that had been bubbling for several months. Much effort has been made by Fed Chairman Powell and other missionaries to explain why this round of asset purchases, coming in at fully $60bn per month, is not […]
On The Intangible Investor Podcast, Bryce Coward and Steven Vannelli of the Knowledge Leaders Capital investment team discuss all things innovation, financial markets and macroeconomics. Episode 2: QE or Not QE? Plus, the Innovation at the Core of the GM Strike The Fed is buying government bonds again as of today, a move that was […]
United States and indeed global economic data have been weak – at least that is the unabated message from the PMI data that were released this week on both manufacturing and services. At this stage everyone knows the survey data, or “soft” data, are weak. The important question now is whether that weakness will spill […]
On The Intangible Investor Podcast, Bryce Coward and Steven Vannelli of the Knowledge Leaders Capital investment team discuss all things innovation, financial markets and macroeconomics. Episode 1: Value Stocks, Employment Stats & the Future of Exemptive Relief September saw the outperformance of value vs. growth, is this the start of a new trend? Recent labor […]
At some point the global economy will get a dose of reflation. Whether that comes from the current central bank easing cycle, fiscal policy response, coordinated fiscal-monetary action, or a détente in the US-Sino trade dispute is not yet known. However, when it happens a certain group of stocks may be uniquely positioned to benefit […]
In our mid-quarter update, we highlighted the plunge in the University of Michigan’s consumer confidence indicator, suggesting that “good feelings” among consumers were starting to fade. Often surveys offer a leading glimpse into economic activity. A more confident consumer is more likely to make those big-ticket purchases, like homes and cars, as well as consuming […]
In our work studying Knowledge Leaders, there’s a common thread: highly innovative companies often exist at the intersection of global trends that demand intensive R&D efforts to solve complex problems the world has never faced before. Coincidence? We don’t think so. The global population is expected to grow from 7.6 billion in 2018 to 9.4 […]