What awaits us in 2023?

With few exceptions, the best and brightest in stock and bond markets failed to appreciate how the outbreak of inflation would upend the investing world in 2022. They failed to anticipate how the Fed would react, thinking rate hikes would be measured rather than...

When Irrationality Triumphs Sensibility

Last week, Blackstone announced that it will limit investor redemptions from its $69 billion Blackstone Real Estate Income Trust (BREIT) in December after being hit with heavy withdrawals in October and November. For those who are not familiar with BREIT, Blackstone...

Happy Holidays

To all our clients and readers of this newsletter – Happy Thanksgiving and Seasons Greetings. It has been a tough year for investors with the S&P 500 down 16% ytd and Nasdaq down 29% ytd. Surprisingly, the Dow Jones is only down by 5.5% ytd, a reflection of...

The Fed hammers the stock market once again

Just as he did in August, on Wednesday this week, the Federal Reserve chair talked tough on inflation, squashing investor hopes of a decisive pivot away from tightening monetary policy and knocking stocks to the lowest in more than a week. The S&P 500 Index fell...

The decay in global leadership

This report could be about the recent bear market rally, Kanye West’s implosion or UK Prime Minister’s exit after just 44 days in office. But, we would like to divert our readers’ attention to something more fundamentally unsettling.  Ex-President Trump will likely be...

Hard landing is here as the economy faces new risks

CPI reading of 8.2% for September, barely down from 8.3% in August showed how sticky inflation has become a part of the US economy. Wall Street was clearly not prepared for it with concerns that price pressures are getting entrenched leaving the S&P 500 down 1.6%...
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