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Admin Note: New Content to Resume Soon

Due to fully booked portfolio management and client responsibilities during recent months, I apologize for the lack of new content on the site. I will continue to occasionally post my insights and commentary on this site as I have for years. Many opportunities await. Buckle your seat belts and stay tuned!


USD Repatriation Surge Has Ended

The immediate term tailwind for USD following passage of the 2017 Tax Reform and Jobs Act is transitioning to a more neutral impact, while simultaneously, longer-term structural debt problems will gradually (and then suddenly) enter the spotlight negatively for USD over the coming 3-5 years.


Profit Warnings and Treasury Market Selloff to Plague US Equities in the Near Term

We are looking at a confluence of negative catalysts for global equities in the near term. This time around it does not exclude US equities. As I have covered for an extended period, we eventually anticipate an inflationary public policy response earlier and more aggressively than would have occurred in prior times to any material economic contractions. This is due […]


Japan’s Government Bond Yields Pressured Higher as BOJ Quietly Trims Purchases of Longer-Term Maturities

JGB’s Join the Higher Bond Yield March with a Bout of Bear Steepening Concentrated at the Long End The risk/reward prospects of owning longer-dated government bonds from current historically suppressed levels are as attractive as a bucket of dry sand after a sweaty jog. As Bloomberg notes, Japan’s bond market is enduring pressure due to recent BOJ policy adjustments. Japan […]