Moon

July 9, 2021By Andrew Keefer, CFAMarket

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

May 28, 2021By Andrew Keefer, CFAMacro

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

February 26, 2021By Andrew Keefer, CFAMarket

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

December 8, 2020By Andrew Keefer, CFAMarket

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

July 23, 2020By Andrew Keefer, CFAMacro

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?

June 2, 2020By Andrew Keefer, CFAInvestment Planning

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

April 30, 2020By Andrew Keefer, CFAMacro

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

April 1, 2020By Andrew Keefer, CFAInvestment Planning

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

Closing Time

December 21, 2019By Andrew Keefer, CFAMacro

The Big Picture “Every new beginning comes from some other beginning’s end…”  -Dan Wilson, from the alternative rock band Semisonic “Closing Time” is a catchy and timeless song written in 1998. Just another reminder that all parties come to an end. Every market cycle has a few common themes or drivers that perpetuate the cycle. Perpetuate … Read More

Wars… of the currency & trade variety

October 31, 2019By Andrew Keefer, CFAMacro

The Big Picture “War is robbery, trade is a swindle.” – Ben Franklin A trade war, and its relative the currency war, are actually quite simple strategies and their execution is straightforward. The trade war involves assessing another country for their imports, via a duty or a tariff. In turn, the country being imposed the … Read More