Monthly ArchivesDecember 2019

Proper Presents “Dark Corners”: Trouble in the Repo Market image

The repo market has been stressed recently and the Fed has had to step in and inject a lot of capital to help alleviate the problem. But they don't know what's causing the problem or how much money it will take to fix it. In this Dark Corners, we will explore the repo market in more detail. But first, what is a repo? “Repo” is short for repurchase agreement. A repurchase agreement is essentially a short-term loan, usually between banks. Imagine you are a bank and you have clients who need to make payroll, but you don’t have enough cash on hand to cover the withdrawal. So you pledge a portion of your holdings (typically ...

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The Year Ahead (and beyond) image

As we enter a new decade, I thought it was appropriate to take a look at the past one as well as my expectations for what's to come specifically in the investment world. I can only imagine there will be countless technological breakthroughs during the next 10 years just as we saw over the previous 10 and am excited for the ones that move humanity forward and not just ones that keep us glued to a phone (or whatever tech comes next). Before we get into 2020 and beyond, let's take a quick stroll through memory lane. 2010's The past 10 years saw incredible gains in the US stock market as few expected the record breaking rally. If ...

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November 2019 Market Update & Outlook image

Monthly Recap November marked a continuation of the impeachment hearings and Hong Kong unrest, Michael Bloomberg throwing his hat in the 2020 Presidential race and a house bill decriminalizing marijuana federally. However, the US equity markets saw solid returns with the S&P returning over +3.5%, while international and emerging markets posted modest gains or were flat. Diversified portfolios continued to struggle vs. the S&P 500 since we saw bond and commodity markets pull back. The US large cap indices continue to be a bright star in the equity markets, although things don't last forever and diversification should not be abandoned. As always, below is a recap of November’s noteworthy events: Political: Testimony by various people (Gordon Sondland, Kurt Volker and ...

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