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Thought Leadership

Insights from Tocqueville

The Second Coming

The Second Coming

By Robert Kleinschmidt on June 3, 2024

The unholy gyre of political and societal extremes widened further in the most recent quarter, as did the distance, until just recently, between the reality of interest rate policy and the market’s hopes for it. Falconer-in-Chief Powell seems to have kept his eye fixed on the falcon, even if the lesser austringers who attempt to …

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Incrementalism is a Virtue

Incrementalism is a Virtue

By Paul Kleinschmidt on January 31, 2024

The end of 2023 brought a welcome respite for investors of nearly all stripes. Conventional wisdom coalesced around the narrative that the Treasury’s decision to moderate the size and pace of its debt issuance, along with the decline in the Federal Reserve’s favored gauge of inflation (leading to the “Powell Pivot” and the restoration of the …

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The Wall of Worry has Thickened

The Wall of Worry has Thickened

By John Petrides on October 10, 2023

The alphabet soup entities of the FOMC, OPEC, ChatGPT, GLP-1, and the CCP dominated the sentiment of financial markets during the past quarter, as investors (and the Federal Reserve, aka the “Fed”) searched for data-dependent direction on where to deploy capital. Since then, the situation around the world has grown more precarious, especially for the …

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Shall We Play a Game?

Shall We Play a Game?

By Alexander Stock on July 30, 2023

During the second quarter financial markets participants assessed the consequences of (1) high-profile bank failures, (2) the debate over raising the debt ceiling, (3) the uncertainty with respect to the Federal Reserve’s (Fed) rate trajectory, and (4) the prospects for a recession. In June, the Fed “pause” dominated the economic headlines, prompting more debate about …

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Liquidity Solutions and Investment Opportunity

Liquidity Solutions and Investment Opportunity

By Heather Guardado on April 30, 2023

As portfolio managers, we are focused on growing and preserving our clients’ assets and wealth over the long term. As our clients know from experience, this means investing in strong companies with good returns that are positioned for growth; responding to shifts in the market that preserve assets through times of volatility; and looking for …

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