In December 2010, we wrote an article called PIIGS Get Slaughtered about the debt crises unfolding in Portugal, Italy, Ireland, Greece and Spain (a.k.a. “The PIIGS”). At the time, these countries were being forced to confront the consequences of years of borrowing and spending as investors increasingly questioned their ability to repay their debts. We…
Every major technological shift creates something new. The internet made information nearly free and instantaneous. Smartphones put that information into our pockets. Social media gave everyone a megaphone. And now artificial intelligence (AI) is making content nearly limitless . . . whether the content is true or not. Spend a few minutes scrolling through X…
The Federal Reserve got itself a new leader this past month as Kevin Warsh took over as chairman, replacing the beleaguered Jerome Powell. "Beleaguered," because Mr. Powell and President Trump never seemed to agree on the proper level of interest rates . . . whatever that might be. The president has long preferred lower interest…
The headlines from the Iran conflict have started to fade. Stocks have recovered, and life feels like it has mostly returned to normal. But the war in Iran and the disruption in the Strait of Hormuz continue to leave energy markets unsettled. As we discussed in our March Investment Commentary and recent webinar, the Strait…
UPDATE: Immediately after we wrote this commentary, President Trump announced a five-day pause on strikes against Iran to allow for talks to end “hostilities.” Iranian officials denied any direct communication, but markets reacted anyway. Oil dropped from nearly $100 to $85 per barrel, stocks jumped roughly 2%, and interest rates moved noticeably lower. The biggest…
