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.

Insanity usually means opportunity

The popular definition of insanity is doing the same thing over and over again and expecting a different result. We disagree, and believe the true definition of insanity is…

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No reason to change our game plan

We will keep this short and to the point. In our note “The cause for pause,” we highlighted the likelihood of a limited and temporary 3-5% pullback in the…

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May Macro Slide Deck

Initiating 2020 SPX Target of 3,350. Throughout this cycle, the market has been driven by the perception of Fed policy, availability of credit, EPS growth, and what investors are…

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The cause for pause

Although our fundamental core thesis remains positive, given a backdrop of low inflation, the dovish Fed pivot, a re-steepening yield curve, slowing but positive growth, better-thanexpected EPS, and valuation…

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Bond pet peeve

A big pet peeve for me is when folks generalize a huge asset class and then suggest it is sending investors some kind of message. 

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Taking breather in adventure

Last spring, in an effort to get back into shape I began training for an “orienteering” race, where you go into the middle of a mountain range and…

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Q1 EPS outlook and tactical update

Q1/19 EPS estimates look to be down for the first time since Q3/16. Now that the unofficial start to Q1 earnings season is set to begin tomorrow with earnings…

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