The Boomerang Generation: Boomeranging to New Living Arrangements

The median life expectancy in the U.S. has increased dramatically over the past century, with average lifespans increasing over 60% from 49 at the turn of the previous century to almost 80 today. Correspondingly, the amount of time one’s children live at home is also …Read More

A (Sector) Picture Is Worth…

Standard & Poor’s has historically grouped its S&P 500® Index into ten sectors according to their Global Industry Classification Standard (GICS). Below, we look at changes in the sector weights within the S&P 500® Index over the past …Read More

Get Ready for QT

It has been eight years since the Federal Reserve started its quantitative easing (QE) program of purchasing bonds to drive interest rates down and inject money into the economy. Since then, we have had QE2, QE3, and a host of QEs by other central banks around the world. …Read More

The Bond Box: Notes from the Fixed Income Trading Desk

Taxable Fixed Income Markets

While the Federal Reserve was busy increasing short-term interest rates in both March and June, the bond market was equally busy lowering long-term interest rates. The result was a much flatter yield curve and a new …Read More

First Quarter 2017 — Lots of Noise, Not Much Action

Lack of market volatility, coupled with solid returns, marked a contrast with the first quarter of 2016, which was characterized by negative returns, and high volatility. The S&P 500® Index enjoyed a 109-day streak without a 1% decline—the longest stretch …Read More

Short-termism and Investing

From 1999 to 2009, the CGM Focus Fund managed by Ken Heebner produced a compounded return of 18% per annum. However, during that decade the fund’s average investor lost 11%, according to a recent study. How could that possibly happen? Most investors bought the fund …Read More

The Big Yellow Taxi* in Reverse?

Last quarter we discussed the challenges facing grocery stores as demographics shift and consumer preferences undergo rapid and dramatic changes. Grocery stores are not the only “brick-and-mortar” retailers coping with these challenges, which, of course, also include …Read More

Demographics

Not one region of the world has seen its economic growth rate return to levels seen before the Great Recession almost 10 years ago. While there are a multitude of economic theories why the current recovery has been the weakest one in postwar history, it has been characterized …Read More

A Deficit of Surplus

Trade between countries is a contentious topic as of late. In 2016, the United States’ trade gap (the difference between what we buy from abroad vs. what we sell abroad) rose to $502 billion, marking the 41st consecutive year in which we have run a trade deficit. The …Read More