Fiscal Stimulus

Shell Games

July 12, 2018

Much has been made about the deleveraging of the US consumer since the Great Recession. Most economists agree that consumers are now in much better financial condition thanks [...]

Show Me the Money!

May 31, 2017

We’ve been worried about earnings quality for quite a while now.  We’ve said that corporate management teams have been using many levers to drive profits higher, [...]

Great Expectations

March 29, 2017

The market response to last week’s Federal Reserve meeting and press conference was somewhat perplexing.  The interest-rate hike itself wasn’t a surprise – [...]