A Silver Lining in the Greenback

In a vacuum, higher interest rates in the U.S. versus the rest of the world can act to strengthen the U.S. dollar. Obviously, the value of a country’s currency is based on a multitude of variables, but one beneficiary of higher inflation and interest rates in the U.S. …Read More

A Taxing Topic: Reform, That Is

Make no mistake, tax reform is coming. There is a distinct possibility that Congress could begin this year the most sweeping tax reform since 1986. Tax bills originate in the House Ways and Means Committee, which is chaired by Kevin Brady, a big proponent of reforming …Read More

The End of the Grocery Store?

A strange thing happened on the way to the grocery store, namely young people stopped buying their food there. Demographic shifts are highlighting the rapidly changing landscape of traditional food retailers. From 2012 to 2015, only one demographic group, those 55-64, …Read More

The Bond Box – Notes from the Bond Trading Desk

Taxable Fixed Income Markets

Treasury rates moved sharply higher after the surprising election results on November 8 as hopes for tax reform and fiscal stimulus added to recent upbeat economic news. After the interest rate hike by the Federal Reserve in December, …Read More

Quarterly Strategy and Observations – 3rd Quarter 2016

Phew. That is the sound of relief heard during the third quarter characterized by a lack of market volatility and generally positive returns across most markets. The S&P 500 Index® went almost two months without a one-percent move in either direction, …Read More

Short-Term Gain/Long-Term Pain

One enviable aspect of Denver Investments’ almost 60-year existence is our collective institutional memory and the ability to pass down knowledge from generation to generation of portfolio managers. In doing so, we gain perspective not easily accessible to younger financial …Read More

On CEO Compensation

CEO compensation has grown exponentially since the 1970s and has garnered national attention in light of the current discussions around income inequality. In 1965, the average CEO-to-Worker pay ratio in the U.S. was about 20-to-1, meaning the average CEO made 20 times …Read More

Trade – Whether to be Free or Not

Trade policy has taken center stage in the U.S. presidential election campaign. It can be an incendiary topic, but usually debates on the merits of trade policy are high in rhetoric and low on facts. Because over 40% of revenue for S&P 500 companies is generated abroad, …Read More

Lower for Longer, but Does It Matter?

Central banks around the world are well under way in the race to lower interest rates, in many cases below zero. The question facing economies today is whether or not accommodative monetary policy (i.e. low interest rates) actually stimulates economies. We looked at the …Read More

All the Presidents’ Returns

As we head into a presidential election, we thought it would be good to remind ourselves, our clients, and the general public that neither party has a lock on good or bad stock market performance while their candidate inhabits the White House. We looked at stock market …Read More