Street Savvy

The leaders of the current market cycle are obvious: FANG in the US and BAT in Asia (let’s refer to these as “The Complex”). So when Facebook dropped 20% in a single day last week after reporting earnings, the key question...

All of which leads to the question of how best to position for a market where numbers continue to improve (fundamentals), but perception may start to deteriorate (valuation).

At first glance, this list looks like what you would expect a good portfolio manager to always be doing. In fact, it is very different – good managers generally form their theses, and then constantly use new developments and market feedback to...

The combination of economic growth and tax reform has led to large, projected earnings increases for 2018, as evidenced in the current 5-point gap between trailing 12-month and forward 12-month P/E multiples on the S&P 500...

Following the tax change in December, the major US companies holding significant overseas cash promptly proposed and confirmed capital allocation plans with...

In a familiar pattern, tech and industrials contributed the majority of market gains. Unlike earlier in the quarter though, this time there was no sharp decline in rate-sensitive stocks offsetting the gains...

I suspect that Thursday’s trade war talk will only intensify the focus on rising interest rates through the Spring. The President’s steel and aluminum tariff announcement follows a familiar pattern...

The main event from these past two weeks is the rapid, 10% drop in equity markets. The recovery proved to be equally rapid, with almost all of the losses now erased. The key takeaway was...

All of this implies that it is a good time to be very focused on your wish-list of investments. Correlations generally increase sharply during market corrections, resulting in good companies getting sold off together with the bad – with a bit of...