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Commentary

Browse our quarterly economic and capital markets commentaries.

 
2024
Second Quarter 2024

The Economy: A Look Under the Hood

“I love money. I love everything about it. I bought some pretty good stuff. Got me a $300 pair of socks. Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff too.” – Steve Martin, Comedian

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2024
First Quarter 2024

Gazing Into the Crystal Ball

“There are two kinds of investors, be they large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know.” – William J. Bernstein, PhD

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2023
Fourth Quarter 2023

Tapped Out?

“The entire world economy rests on the consumer; if he ever stops spending money he doesn’t have on things he doesn’t need – we’re done for.” – Bill Bonner, Author

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2023
Third Quarter 2023

Mixed Signals

“Economics is extremely useful as a form of employment for economists” – John Kenneth Galbraith, Economist

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2023
Second Quarter 2023

Next Stop—Pottersville!

“You’re thinking of this place all wrong. As if I had the money back in a safe. The money’s not here. Your money’s in Joe’s house… right next to yours. And in the Kennedy house, and Mrs. Macklin’s house, and a hundred others…” – George Bailey, “It’s a Wonderful Life”

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2023
First Quarter 2023

Return to Trend?

“The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct.” – Seth Klarman, Baupost Group

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2022
Fourth Quarter 2022

Shifting of Energy

“Containment of inflation is fundamental to a restoration of sound economic growth.” – Treasury Secretary George William Miller, 1979

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2022
Third Quarter 2022

The U.S. Consumer: Bearing the Weight

“We’ve grown dependent on American consumers as the world’s spenders of last resort. They’ve kept Europe out of recession, allowed China to industrialize, and prevented global deflation.” – Evan Davis, British economist

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