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Perspectives

A collection of our quarterly publication

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Big Intersection

Fourth Quarter 2013

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Perhaps you have heard the Walgreens’ advertising that includes the tagline, “at the corner of happy and healthy”. In the current investment world context, it strikes us that the prevailing views about U.S.-traded stocks and the underlying economy remain much closer to the corner of unhappy and unhealthy...

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Longer for Stronger – The Unintentional Tradeoff?

Third Quarter 2013

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Maybe Copernicus was wrong—the earth does not revolve around the sun. Instead, the entire universe revolves around Washington D.C. Or so one would believe if current headlines and the 24/7 "news" coverage are any indication. Nearly all media focus has been on: the drama surrounding Washington D.C. budget battles, the two "downs"—as in government shutdown and the looming debt ceiling showdown, and when the Federal Reserve will begin...

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Telling the Time

Second Quarter 2013

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What “time” is it in the global economy and the financial markets? Is the economic expansion nearing “old age”? Are the markets living on borrowed time? There are no clocks to guide investors of course. However, we believe a few insights into prevailing conditions, along with some historical perspective, provide the next best thing towards telling the time on these and related investment issues.

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A Wet Blanket and Low Expectations

Third Quarter 2012

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Within the hubbub surrounding the recent National Football League referee strike are some important insights pertinent to the contemporary economic and investment scene. By way of background: the League’s management, comprised of team owners and the NFL Commissioner, attempted to counteract a referee strike by hiring replacements. However...

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Washington’s Wet Blanket

Second Quarter 2012

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In what is becoming a tiresome annual event, for the third spring/summer in a row the financial markets have again come under the spell of Euro-zone economic troubles. Global stock markets move higher when the “great minds” of Europe’s policymakers seem to be moving to defuse their troubles, only to swoon when they yet again come up...

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The Disconnect Between Theory and Practice

First Quarter 2012

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With the Supreme Court taking up the matter of the constitutionality of the private mandate within the Health Care Act, thoughts drift back to another era and another landmark ruling by the High Court. As detailed by financial journalist Amity Shlaes in her 2007 book, The Forgotten Man, the 1935 case of Schechter Poultry versus the U.S. also…

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Maybe the Mayans Were Onto Something About 2012

Fourth Quarter 2011

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As if the levels of fear, uncertainty and doubt about the economic, financial and geopolitical backdrop weren’t already sufficiently elevated, the New Year also brings the apparent end of the Mayan calendar. In scary-movie fashion, all sorts of end-of-the-world types are counting down to the Mayan calendar event which appears to coincide...

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It May Be 2008 in the EU...But Not Here

Third Quarter 2011

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In 2008, financial events resembled tumbling bowling pins. The ’08 pins were bowled over in roughly the following sequence: U.S. sub-prime debt securities that had been rated AAA and regarded as “safe”, moved towards default. As losses in these “toxic” securities mounted, several major U.S. financial institutions were either vaporized or...

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