Published Columns

They Said It Would Look Like the Roaring ’20s!

As we finally start getting back to our lives and removing our masks, unemployment numbers are declining, companies continue to report more robust numbers, people are getting paid more, and summer is officially here. People are feeling very, very comfortable right now. However, factories around the world are struggling to keep up with all the surging demand. A shortage of shipping containers is not helping. The companies that do have goods, are waiting on containers

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Back to Reality!

The fundamental story we have been talking about for a couple of months is the rotation from growth to value. It is not just the biggest tech companies anymore. We have seen more selling the news in the tech sector as we work through earnings season. This supports our earlier articles laying out the strategy of repositioning into the value and alternative space. We finally see a reversal after almost thirteen years of growth outperforming

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Growth to Values & Alternatives

For the past ten years, with value lagging, our allocation approach has been geared more towards growth than income. We have taken a total return approach, especially when it comes to our income-dependent retirees. This year we have made significant adjustments to our strategy due to the regime change. Tech/growth took a back seat to the value play this past quarter, with value outperforming. Rising interest rates have been a major catalyst in the shift.

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The Reflation Trade

Historically, an increasing rate environment will cause the high-flying growth stocks to sell off and a rotation into the cyclically sensitive stocks will take place. Sound familiar? The 10-YR Treasury has nearly tripled since the summer of 2020. We are seeing a massive rotation into energy, banks, small caps, and because of COVID, travel and leisure stocks. Being a tactical manager allows us to frequently make changes in our models. This is to take advantage

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When the Lights Go Out in the City

Working from home is likely here to stay and commercial landlords are not collecting rent on the reduced office space retained by their tenants. The eviction moratorium is slowly destroying these owners, eventually leading to increased defaults of commercial loans. What will happen once the short -term forbearance period expires? Vacancies will rise and the sharks will circle the distressed real estate market as they did in the ’80s and ’90s. Unfortunately, the pain will

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February 2021

January was a month that will go down in the history books. Our clients hire us to lead them through the volatility and changes in the markets due to such a dynamic and evolving world. That is what we are going to do. Now it is time to roll up our sleeves and prepare for the new administration. What does that mean? We have been rebalancing and repositioning our strategies into what we believe will

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A New Year

We want to wish all our readers a very Happy New Year as we begin 2021. This year as the rollout of vaccines continues, we have hope and visible light at the end of the tunnel for the first time in eleven months. We see potential in the following sectors in expectation of a post-Covid rally consisting of tech, China, small-cap, healthcare, travel, and leisure. Although we still have some stay-at-home favorites, we see opportunity

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