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A lot has changed in the financial markets over the last seven months, including the transition to the Warsh Federal Reserve era. When President Trump nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve chair at the beginning of the year, there was wide anticipation that Warsh would be hawkish and narrowly focused, prioritizing […]
A lot has changed in the financial markets over the last seven months, including the transition to the Warsh Federal Reserve era. When President Trump nominated Kevin Warsh to succeed Jerome Powell as Federal Reserve chair at the beginning of the year, there was wide anticipation that Warsh would be hawkish and narrowly focused, prioritizing […]
Strong market performance from industry leaders like Nvidia and Apple, alongside the public market debut of high-profile companies like SpaceX, has brought portfolio concentration top of mind for many investors. Whether a large position came from years of patient holding, an inheritance, founding a company, or equity compensation earned over a career, single-stock growth is […]
Elliott C. Hollingsworth
In early April, with the onset of a major shift in U.S. trade policy, global financial market volatility increased materially. The U.S. Treasury and currency markets saw unusual trading activity, which spilled into the stock market. In the ensuing days, a stream of reports and articles began questioning the credibility of the U.S. dollar (USD) […]
Kevin J. Cavanaugh
“It is waiting that helps you as an investor, and a lot of people just can’t stand to wait.” – Charlie Munger In the investment field like many other undertakings in life, activity does not equal achievement. During periods of significant change, investors may be better served by stepping back, assessing risks and possible outcomes before changing […]
Kevin J. Cavanaugh
“The real trouble with this world of ours is not that it is an unreasonable world, nor that it is a reasonable one. The commonest kind of trouble is that it is nearly reasonable, but not quite. Life is not an illogicality; yet it is a trap for logicians. It looks just a little more […]
Kevin J. Cavanaugh
The economic and financial market backdrops are changing, and the news headlines have been quite disconcerting. After averaging gains of 20% for the previous three years, the stock market is experiencing a correction, with the S&P 500 Index down about 10% year-to-date. Some corrective market action was to be expected and a healthy tonic for […]
Kevin J. Cavanaugh
Two features define the current economic and financial market backdrop. The first and most obvious is the significant increase in government involvement in both areas. Second, and as a direct result of the first, the world is awash in liquidity. By liquidity we mean that cheap money is available to almost anyone who seeks it, […]
Kevin J. CavanaughNext Up
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