April 10, 2020

Looking into the future with accurate vision can be a valuable skill for investment managers. Copper is the world’s third most widely used metal, ranking behind iron and aluminum and is used in highly cyclical industries such as construction and industrial machinery manufacturing. With copper’s reputation as a leading economic indicator, it can’t hurt to keep an eye on the red metal as we attempt to observe what’s ahead....

April 9, 2020

U.S. stocks are extending a recent bounce off of March 23rd lows in the final day of a holiday-shortened week, with the Federal Reserve delivering another monetary policy bazooka blast of $2.3 trillion. The Fed's actions are aimed at providing further relief and stability to the markets in the wake of another spike in jobless claims that have breached 16 million in the past three weeks. Asia finished mostly higher and Europe i...

October 30, 2019

As expected, the Federal Open Market Committee (FOMC) lowered the federal funds rate by 25 basis points to a range of 1.5% to 1.75%; while hinting it may be in pause mode in the near-term. The committee also lowered the interest rate on excess reserves (IOER) by 25 basis points.  As was the case with the prior two rate cuts, both Kansas City Fed President Esther George and Boston Fed President Eric Rosengren dissented—preferri...

May 7, 2019

At some point you may turn to a financial professional for help, particularly if you're trying to achieve different goals like planning for retirement, buying a home, and financing your children's education.

Finding the right financial professional is one of the most important relationships you will have and one you shouldn't impulsively jump into. The Texas State Securities Board's updated guide, Choosing A Financial Professio...

April 13, 2019

Signs of a change in investor psychology flashed brighter, as stock indexes on Friday edged closer to all-highs of September 2018.

This past week's cover of Barron's, a financial magazine, said the 10-year old market could go on for years, and Friday's headlines were similarly ebullient.

The S&P 500's* 50-day moving average crossed above its 200-day moving average, forming a "golden cross," which market technicians believe is a...

March 9, 2019

U.S. jobs data triggered fearful headlines on Friday. It's a cautionary tale of how misperceptions spread in an instant and cause mass confusion about money matters.

From The New York Times to specialized news outlets, like The Street, headlines were uniformly grim after the jobs data was released by the government on Friday morning.

The bad report showing that just 20,000 jobs were added by the economy in February was...

January 26, 2019

Fears of a recession loomed larger last week after the chairman of the President's Council of Economic Advisors, Kevin Hassett, doubled his estimate of the damage the U.S. economy will suffer from the partial shutdown of the federal government.

Mr. Hassett was widely quoted across the media as saying that the First-quarter of the economic growth could stall to zero. On Friday, the shutdown uncertainty was resolved, at least for...

January 5, 2019

Capital gains are a good problem but a tax problem nonetheless. An excellent new way to defer paying tax on a capital gain is by investing in an area designated by Uncle Sam as an Opportunity Zone (OZ).

When you invest in a business or real estate project in an "OZ," capital gains taxes on selling stocks, a business, or any other investment can be deferred. You put pre-tax dollars to work in an OZ, which delays the capital gain...

December 22, 2018

The plunge in stock prices means it is time to earn the equity risk premium. Here is a reminder of this critical fundamental financial concept of investing.

The risk premium is what you get paid for owning a risky asset.

A rubric of modern portfolio theory, taught at all major colleges and universities, holds that investors get paid extra returns annually for taking risks.

Here are the numbers to quantify the equity risk premium:...

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