By Lewis Johnson - Chief Conclusion The market is a humiliation machine. When you are being the most rational, the market makes you look the most stupid. This is not a bug, it’s a feature. Why? Because the rational[…]
POSTED ON
February 7th
- POSTED IN
Bonds,
Credit,
Portfolio Construction for a Challenging World,
Risk,
Thinking About the Future
By Lewis Johnson - Chief Conclusion The most pressing problem that we attempt to solve for our clients is how to grow their hard-won savings thoughtfully. Money only grows when it takes risk – but what risks to take? […]
POSTED ON
January 25th
- POSTED IN
Bonds,
Credit,
Portfolio Construction for a Challenging World,
Indicators
By Lewis Johnson - Chief Conclusion Clients will begin to see a thoughtful winnowing of our selected holdings in corporate bonds rated less than investment grade. The relentless search for yield has resulted in a[…]
By Lewis Johnson - Chief Conclusion Evidence continues to accumulate globally that the secular bull market in bonds is alive and well. We discuss the most recent data that includes Europe’s first negative yielding[…]
POSTED ON
March 9th
- POSTED IN
Bonds,
Portfolio Construction for a Challenging World,
Risk,
Cycles,
Indicators,
Thinking About the Future
By Lewis Johnson - Chief Conclusion Investors underweighting the highest quality and longest duration bonds are ignoring the tail risks of deflationary shocks from China and Europe. Such positioning may disappoint[…]
