By Lewis Johnson - CHIEF CONCLUSION The Fed is overtightening. It is advancing interest rates at a faster pace than that currently priced into the market. The stock market’s recent plunge, the worst December[…]
By Lewis Johnson - CHIEF CONCLUSION Markets are rightly focused on the future, on where the puck is going, not on where the puck has been. We try to direct our portfolios to where the puck is going through our[…]
By Lewis Johnson - CHIEF CONCLUSION Coach Nick Saban’s success at the University of Alabama shows that disciplined processes win championships. In our opinion, investing is no different. Investment returns are[…]
By Lewis Johnson - CHIEF CONCLUSION The lightning fast 30% collapse in crude oil in recent days is a stark reminder of one market truism: markets go up the escalator and down the elevator. If your goal is to avoid[…]
By Lewis Johnson - Chief Conclusion A month ago, we explained George Soros’ “reflexivity” to help explain why we thought more weakness lay ahead for many emerging markets. Since then Argentina’s currency has collapsed[…]
