Macro

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.

August Macro Slide Deck

Focus remains on year-end ramp driven by EPS. With volatility back to the low, the S&P 500 (SPX) in close proximity to record highs, and choppy grind higher, there is…

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Texas heat, with a twist

Highlights Even more money is slated to flow into the credit market from taxpayers Two-year Freddie Mac bonds now yield less than two-year Treasuries by the largest margin ever…

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Still in tactical no man’s land

The tactical backdrop suggests continued near-term consolidation period, while our positive fundamental core thesis of (1) historically high business and consumer confidence, (2) strong economic growth, and (3) better-than-expected earnings…

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Time to make a higher low

A tough news backdrop with a very positive fundamental framework. It is hard to imagine a more difficult trading environment due to worsening trade-war rhetoric, a sharp devaluation of the…

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Yield curve inversion mythbusters

The Three Myths There are a number of myths surrounding the market action as we trend toward the initial inversion of the 2-10 year U.S. Treasury Yield Curve (Yield Curve):…

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July Macro Slide Deck

EPS and core thesis suggest adding exposure on volatility. Earlier in the year, we were much more nervous about a meaningful correction because sentiment was at an optimistic extreme, the…

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