January 1, 2019

The New Year greets us with the sobering reality that the financial markets have declined around the world. The Federal Reserve has reduced monetary reserves over the past eighteen months leading to a less accommodative money supply growth. The animal spirits of...

October 1, 2018

O Say Can You See, By the Dawn’s Early Light. Over the past two years U.S. Treasury bond yields have risen significantly. During this period, the Federal Reserve has been unloading bonds which were purchased in the Open programs affectionately referred to as...

July 1, 2018

Current Investment Themes–De Ja Veux All Over Again!—Yogi Berra. Apocalypse Now. In evaluating the current market conditions, we believe significant parallels between 2018 and 1979 exist causing a period of extreme volatility for the coming months. During the...

April 1, 2018

Spring Fever! Wicked. Signs of spring are all around as flowers are blooming, fruit trees are blooming and warmer days lie ahead. Jerome Powell became our new Federal Reserve Chairman at the end of January and already the groundwork is being laid for the recession of...

January 1, 2018

Happy New Year! Johnny B. Goode. Over the past eighteen months, the stock market has risen significantly as the lowering of corporate income taxes and individual American tax payers should inherently improve corporate earnings for the immediate future. Price earnings...

October 1, 2017

October 1, 2017   Wichita Lineman.   2017 began with great optimism that the U.S. government was going to reduce income taxes and reduce government regulation.  The reality is that Washington has a new dose of gridlock as both political parties are not...