The Big Picture “Never try to time the bond market, anyone who claims to know the future of interest rates is certifiable” – Jane Bryan Quinn Fair enough. However, that has not stopped the majority of investors from continuing to try! I no longer can count the number of conversations had regarding interest rates. Mostly … Read More
Author: Andrew Keefer, CFA
Even Flow
The Big Picture “Thoughts arrive like butterflies” – Eddie Vedder of the rock band Pearl Jam I have had many conversations over these past years discussing the underlying themes that have driven the markets for the last decade. It has led to some good discussions, points, friendly debates, and plenty of thoughts arriving like butterflies. … Read More
Moon
The Big Picture “To infinity and beyond!” – Buzz Lightyear from Toy Story The movie Toy Story was Pixar’s first major film release in 1995 and began a string of successes for Pixar. Pixar was also a serious disruptor that ended traditional cartooning. Historically, disruptors or innovators have had an interesting effect on markets and investors. … Read More
The Phenomenon
The Big Picture “Inflation is always and everywhere a monetary phenomenon” – Milton Friedman Milton Friedman was a famed Nobel prize economist who contributed greatly to monetary theory. Friedman proposed that inflation was caused by the policy decisions around the money supply. An increase in the supply of money, all else equal, generally led to inflation, … Read More
The Game
The Big Picture “Markets can be irrational longer than you can remain solvent.” – John Maynard Keynes An understatement in the least. So what was the game with GameStop? For about a week, GameStop was the most important story in the financial markets. GameStop, a video game and gaming merchandise retailer. While there have been some … Read More
The Gambler
The Big Picture “You’ve got to know when to hold’em, know when to fold’em.” -The Gambler, by Don Schlitz An iconic song arguably best performed by Kenny Rogers. A chance meeting of a professional gambler on a late night train and the life advice shared. Investing and gambling are not the same. However this does … Read More
Winds & Change
The Big Picture “Listening to the wind of change.” -Klaus Meine The song Wind of Change by Scorpions was written in 1990 and quickly became a global hit. It was about the restructuring going on in the former USSR led by Mikhail Gorbachev. The conflict between the communist Soviet Union and the desire of Easter … Read More
A Real Bear?
The Big Picture “No price is too low for a bear or too high for a bull” The simple definition of a bear market is a decline of 20% in stock prices. The simple definition of a bull market is a 20% increase in stock prices. Utilizing this definition the bear began in mid-March and … Read More
The Roaring 20’s
The Big Picture “The parties were bigger. The pace was faster. The shows were broader. The buildings were higher. The morals were looser. And the liquor was cheaper.” – F. Scott Fitzgerald There is likely no greater known author from the 1920s than F. Scott Fitzgerald. At the ending of the first World War began a … Read More
Arrival of the Bear
The Big Picture “There is only one side to the stock market; and it is not the bull side or the bear side, but the right side.” -Jesse Livermore Jesse Livermore was an American stock trader and pioneer of short-term trading strategies. He was a legend of his day. Just 5 long weeks ago what … Read More