By Lewis Johnson - Chief Conclusion Our level of caution varies depending on where we are in the cycle in terms of time and valuation. The discipline of replacement cost analysis helps us in this endeavor.
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[…]
By Lewis Johnson - Chief Conclusion Populism’s explosive growth is likely sowing the seeds for dramatic change in the markets. Every day we see evidence of this in the news and in the markets. My own belief and concern[…]
By Lewis Johnson - Chief Conclusion Today the Dow Jones Industrial Average hit 20,000. Yet we now find ourselves deep into the fourth longest expansion in recent history. For good reason, investors are asking if this[…]
By Lewis Johnson - Chief Conclusion Do not underestimate the determination of the incoming Trump Administration to overturn the established norms of international trade. Don’t be surprised if, at the first opportunity,[…]
