Incredibly, the COVID recession may have ended a year ago, but we still don’t have call from the National Bureau of Economic Research (NBER). That may when the first estimate of Q1 2021 gross do

President Biden’s 100th day in office is tomorrow, on April 29. Hard to believe it has been 100 days already, but overall the economy continues to improve and stocks have done very well under ou

President Biden’s recently proposed $2 trillion infrastructure investment plan would, if enacted as-is—a big “if” for sure— provide much needed support to traditional inf

Last week we discussed whether stock prices might be reflecting peak optimism. In that commentary we noted that while sentiment may be overly optimistic and a pickup in volatility would be totally nor

“Don’t fight the Fed.” Old investment saying

One of the popular questions we’ve received lately is what do stocks do after the first rate hike? Let’s be clea

“Price is what you pay; value is what you get.” – Legendary value investor Ben Graham.

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Valuations matter—at least in the long run. We believe it to be true in

Global stock markets are off to a strong start in 2021 as the world begins to emerge from the shadow of the COVID-19 pandemic. In the United States, vaccinations are increasing, the economy is expandi

The outstanding fourth-quarter earnings season we had in 2020 is a tough act to follow, but 2021’s first quarter has the makings of another potentially great earnings season. The reopening of th

Coming into this year, we expected longer-maturity U.S. Treasury yields to rise, consistent with improving economic growth dynamics. That is indeed what we have seen, with the yield on the 10-year Tre

The U.S. economy’s recovery from the pandemic continues to surpass our expectations, aided by the accelerating vaccine distribution, massive stimulus, and America’s desire to resume some s