Tony is best known for the practical application of macro data.  He will use his 30 years of experience to evaluate what data matters and how you can apply it to your investment process.

More state-sponsored shadow banking lies ahead

Highlights Government entities are increasing not just the amount, but also the intensity, of their shadow banking activitiesThese efforts will allow companies to undertake even more shareholder-friendly…

Read More

February Macro Slide Deck

The third overdone “recession” trade this cycle. As the equity market collapsed in late December, it was clear investors were fearful the Fed would ignore the benign inflation…

Read More

A more measured approach

Was the December FOMC press conference a rookie mistake, or did the economic backdrop change that much over the past six weeks? Probably a bit of both. The carefully worded…

Read More

“Patience” and market caps

Highlights Large-cap stocks were the initial leaders coming out of the latest correction Mid-cap and small-cap stocks have rotated to the point where portfolio managers should begin thinking about…

Read More

Tactical and early EPS season update

Median post-crash reflex rally still points to a retest... The SPX has rallied 13.5% off the 12/24/18 low in just 17 trading days. While the reflex rally seems unbelievable, based…

Read More