Insights from Tocqueville
The 0.1% Solution
By Robert Kleinschmidt on October 8, 2015
Conan Doyle fans will recognize the reference to the eminent denizen of 221B Baker Street in the title of this note, but it isn’t for the benefit of Dr. Watson that we are penning this brief. Rather, it is for Dr. Yellen. Economic stimulation in the form of low rates has been the focal point …Read More
Letter to the Clients
By Robert Kleinschmidt on January 27, 2017
Dear Clients, Now that the elections are mercifully behind us, the markets should be able to focus on fundamentals, which are, as of this writing, neither terribly positive nor terribly negative. Over the next 12 months, we would expect, so long as U.S. growth continues, that interest rates will rise gradually at first, but then, …Read More
Keep Calm and Carry On
By Robert Kleinschmidt on August 25, 2015
“If it bleeds it leads” the old saying goes, and indeed, roiled equity markets have been front page news every day for about a week now, butting their way into the final days of summer vacations everywhere. Memories of the 2008/2009 crisis, the 2000 dot com bubble burst and even the 1997 Asian Contagion are …Read More
What’s So Great About Private Equity?
By Robert Kleinschmidt on March 31, 2016
Over the past few decades, private equity has gained cachet among investors much the way hedge funds did in an earlier era. Many of today’s investors believe that private equity represents a new and superior asset class. But it is neither. Far from new, it is the oldest form of equity investing. As for superiority, …Read More
Trump’s Victory: What Does it Mean for Gold?
By John Hathaway on November 21, 2016
In our view, the systemic risks that existed prior to the presidential election have not suddenly vanished. Most important among these is a massive bond-market bubble. Close behind, equity valuations remain at historically extreme levels. How the new administration deals with these vexing issues, assuming that it even begins to comprehend them, is a complete …Read More
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