Our Research

One of the hard lessons we’ve learned from a lifetime of being somewhat, let’s say, navigationally challenged is that it’s hard to know where you’re going when you’re not sure where you are.

In last month’s edition, we noted that it would take some time to know whether the pace of economic activity is finally normalizing after the significant disruptions/distortions brought about by the pandemic and the policy response to it…

A Leadership Shift into a Historically Tough Seasonal Stretch

In a decidedly less interesting book, Bill Gorton’s question might have been “How do expansions end?” And while Mr. Hemingway, thankfully, opted to go a different route, Mike Campbell’s reply would have been the same: “Two ways. Gradually, then suddenly.”

The fiscal path of the federal government has increasingly become a topic of conversation, not to mention concern, not only among the general public but also among market participants.