Tag: inflation

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Fed Talk vs. Investors

Since January 2021, the last 15 months has shown a dramatic increase in inflation due to a combination of deficit spending, monetization of government debt, and supply constraints.   READ MORE

 

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Doubleline Round Table: Market Outlook

On January 10, DoubleLine Capital had a panel of some highly regarded investment strategists discuss their 2022 market outlooks.  56 minutes.  https://www.youtube.com/watch?v=sgvIEPd7M8E

On the panel were:

  • Jeffrey Sherman, Deputy Chief Investment Officer of DoubleLine Capital;
  • James Bianco, President and Macro Strategist at Bianco Research;
  • Danielle DiMartino Booth, CEO and Chief Strategist of Quill Intelligence;
  • Jeffrey Gundlach, Founder and CEO of DoubleLine Capital;
  • Ed Hyman, Chairman and Head of Research of Evercore ISI;
  • David Rosenberg, President, Chief Economist and Strategist of Rosenberg Research & Associates.

During the discussion, there are some references to S&P 500 earnings, Price/Earnings ratios, and 10 year US Treasury rates.  This website has graphs of the historical data.  See the tabs at the top.  https://www.multpl.com/

If you have any questions or comments, please contact me.

Robert G. Kahl
CFA, CPA, MBA

 

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Are We There Yet?

Egon Von Greyerz is the Founder and Managing Partner of Matterhorn Asset Management and Gold Switzerland.  Matthew Piepenburg joined their firm last year.  Both provide thoughtful commentary and interviews.  Piepenburg acknowledges that they are “Swiss-based gold bugs.“

In his September 24 commentary, Piepenburg asks, “Why is Gold Not Rising?”  Good question given that:

    • Other commodities are reaching new highs.
    • Inflation rates are rising.
    • Interest rates are low and several percentage points below inflation rates.
    • Central banks around the world continue to expand their balance sheet assets at a rapid rate.
    • Governments show little or no fiscal discipline.

Piepenburg’s written commentary about Federal Reserve policy and gold’s purpose in an investment portfolio is located here: https://goldswitzerland.com/why-is-gold-not-rising/

If you prefer a video, Matthew Piepenburg was interviewed by Tom Bodrovics and discussed the international monetary system and related topics.  The video link is here (51 min):  https://www.youtube.com/watch?v=CZ9bNTl5kTE&t=599s  An index of the topics covered with time marks is located in the right margin of the video.

If you have any questions or comments, please contact me.

Sincerely,
Robert G. Kahl
CFA, CPA, MBA