Perception

July 22, 2019By Andrew Keefer, CFAMarket, Uncategorized No Comments

The Big Picture “Perception is more important than reality. If someone perceives something to be true, it is more important than if it is in fact true.” – Ivanka Trump The above quote is from Ivanka Trump’s book “The Trump Card”. I have always cringed when I hear that perception is more important than reality. … Read More

Da Bonds

July 2, 2019By Andrew Keefer, CFAInvestment Planning No Comments

The Big Picture “Da Bears, Da Bulls”  -SNL Super Fans  I grew up outside of Detroit and I was no fan of teams from Chicago! (Sorry Chicagoan’s) However if you have never seen Bill Swerski’s Super Fans skit idolizing Chicago professional sports teams on SNL it was quite humorous! Now to Da Bonds! For several years … Read More

Unicorns

May 7, 2019By Andrew Keefer, CFAInvestment Planning No Comments

The Big Picture “The thing about unicorns is they don’t exist.”  -David Einhorn A unicorn is a mythical creature found throughout history in cultural folklore. In finance, a unicorn is a company that has an initial valuation of over $1 Billion, and is not profitable. You read that right, no profits! The term was coined … Read More

The Boat

February 27, 2019By Andrew Keefer, CFAMacro No Comments

The Big Picture “We as central bankers need not be concerned if collapsing financial asset bubble does not threaten to impair the real economy…”  -Alan Greenspan Dec. 5, 1996. The above quote from the former Federal Reserve (Fed) chairman on the sharp market decline in 1987 known as Black Monday. Oh how the times have changed! We just witnessed … Read More

Inflection Points

December 28, 2018By Andrew Keefer, CFAMarket No Comments

The Big Picture “I can’t change the direction of the wind, but I can adjust the sails to reach my destination”   A remarkable statement which recognizes that we are impacted by forces out of our control. However, we can adjust our exposure to help obtain our desired outcome. One of the best characteristics of the … Read More

Corrections

December 7, 2018By Andrew Keefer, CFAMarket No Comments

The Big Picture “I know you think you understand what you thought I said, but I’m not sure you realize what you heard is not what I meant…”  The above quote was apparently misattributed to former Federal Reserve Chair Alan Greenspan. Per Ralph Keyes of the Quote Verifier; “this popular tongue twister gets attributed to … Read More

Chicken or the Egg?

October 12, 2018By Andrew Keefer, CFAMarket No Comments

The Big Picture “Which came first? The chicken or the egg?” The chicken or the egg is a causality dilemma which asks the simple question of “which came first?” It is a rather amusing dilemma. Aristotle hypothesized that it was an infinite sequence and neither came first. That is a clever way to dodge the problem. … Read More

This Time it’s Different?

September 20, 2018By Andrew Keefer, CFAMacro No Comments

The Big Picture “This time it’s different!” – A plethora of financial and economic pundits… A long standing joke in the financial community is the phrase “this time it’s different.” It has been uttered numerous times over the years when one is trying to explain an abnormal or excessive observation in the markets or the … Read More

Insensitive

August 21, 2018By Andrew Keefer, CFAInvestment Planning No Comments

The Big Picture “The average American is from Missouri everywhere and at all times except when he goes to the brokers’ offices and looks at the tape, whether it is in stocks or commodities. The one game of all games that really requires study before making a play is the one he goes into without … Read More

Signals & Noise

June 14, 2018By Andrew Keefer, CFAMacro No Comments

The Big Picture “The story the data tells us is often the one we’d like to hear, and we usually make sure that it has a happy ending.” -Nate Silver Interpreting data to fit a narrative or an agenda! Say it ain’t so… The Signal and the Noise was written by Nate Silver and discussed … Read More