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    111 E. Wisconsin Avenue
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    Milwaukee, Wisconsin 53202


A collection of our quarterly publication

Sub 2.1 = Running on Empty?

Second Quarter 2019

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China trade policy, Federal Reserve Policy, the timing of the next recession. The latest headline, news story, or tweet about these three topics has been whipping stock markets to and fro for many months now. In light of such hyper-focus, one might be tempted to think that these are the factors that will determine the future for investors. We’re not about to suggest the China/Fed/recession issues are unimportant. But we think investors....

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Rock the Gemba

First Quarter 2019

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Everybody talks about it. Nobody really knows how to do it. Everyone thinks everyone else is doing it, so everyone claims they are doing it. What we’re talking about is digital transformation, the latest evolutionary (many argue, revolutionary) process in which businesses of all shapes and stripes are engaging, operating, and innovating, worldwide. Years ago, behavioral economics Professor Dan Ariely used the tongue-in-cheek description about “big data”, a precursor and key ingredient for digital transformation....

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Low Bar

Fourth Quarter 2018

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Can the economic expansion and the associated uptrend in corporate earnings again prove resilient? We believe the answer is “yes”. To be clear, we are not saying the issues of today are not of concern, or that everything is fine and dandy. Recent events and market mayhem churn our guts too. But a dispassionate assessment of the current situation and the underlying fundamentals...

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Are We There Yet?

Third Quarter 2018

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In just a few months the present economic expansion will likely go down in the record books as the longest in U.S. history so far. Like the proverbial annoying question during family travel—Are we there yet?—this business cycle expansion has been hounded nearly every inch of the way by repeated prognostications that its end is just ahead...

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The Picture Within the Picture

Second Quarter 2018

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In his book, Enlightenment Now: The Case for Reason, Science, Humanism, and Progress, Harvard psychologist Steven Pinker argues that the nature of the media and the way people process information may result in distorted views of the world around us. He points out that the media’s primary objective is attracting viewer attention. Their “if it bleeds, it leads” mode certainly attracts attention...

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The Wall

First Quarter 2018

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Each day Wall Street tallies the number and dollar value of investment securities traded on the financial exchanges. But what Wall Street is really good at is trading insecurities. “How many insecurities traded today?” From Election Day 2016 through the first few weeks of this year, the U.S. stock market displayed very little downside volatility. There were numerous “insecurities” traded along the way, but the market climbed the wall of worries and...

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Dual duel

Second Quarter 2017

Download PDFCapital Investment Services Second Quarter 2017 Perspective - Dual duel

A U.S. President (Andrew Jackson) once did it. Another almost did so (Abe Lincoln). A Vice President (Aaron Burr) and a Secretary of the Treasury (Alexander Hamilton) did it, and it cost the latter his life. (Hamilton’s son also did it and suffered the same grave outcome). Legislators did it as well …

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