Parking In the Dollar Lot

The US dollar has strengthened recently, back to levels last seen in mid January 2018. Part of this move feels like a short squeeze, as selling dollars has been a fairly …

The Stoic’s Ideal Market

“We are more often frightened than hurt and we suffer more from imagination than from reality.” That pithy dose of tough love comes from the Roman philosopher Seneca. It neatly summarizes …

Tencent? More Like 48 Trillion Cent…

We are endlessly fascinated by the structural differences between Chinese and American technological disruption, and today we bring you a brief case study of Tencent Holdings. Unlike the other two well-known …

Marijuana Goes Mainstream

“4/20”. If you don’t already know what that means, you will very soon. Not just because we’re about to tell you, but because it represents an inflection point. That numerical symbol …

Give Me AI, But Not Just Yet

“Where and when will artificial intelligence make a difference, good or bad, to the companies I own?” In the end, that is the only question about this nascent technology that matters …

Circus Sideshow ETFs

US exchange traded funds get a ton of grief in some circles. They “steal” assets from active managers. They crowd investors into too many similar investment strategies. One investment house even …

US Small Caps Are Working. But Why?

US small cap stocks had a good week and as a result are now up on the year, unlike their large cap counterparts. The numbers: S&P Small Cap 600: +1.94% for …

How Financials Can Outperform

At first blush, the upcoming earnings season should be great for large cap US Financials. A few data points: FactSet shows the group set to report 19.8% earnings growth versus last …

S&P 500 Bottom Fishing

Despite all the volatility over the last month, there are surprisingly few names in the S&P 500 showing outsized moves YTD in either direction.Yesterday we reviewed the winners – those …