by adrian tout | Oct 24, 2024 | Debt, Interest Rates / Bonds
Words: 1,024 Time: 5 Minutes Bond investors demand term premium (and so they should!) Volatility in debt markets highly anxiety around fiscal outcomes Government has a spending problem (not a revenue problem) Several weeks ago I suggested investors consider reducing...
by adrian tout | Oct 22, 2024 | Asset Allocation, Cycles, Debt, Howard Marks, Valuations
Words: 1,735 Time: 7 Minutes Rethinking Asset Allocation as the Landscape for Risks Shifts Beyond the 60/40 Mindset Two Fundamental Building Blocks: Ownership and Debt Sometimes I wonder if the ‘cyber ears’ are listening? One day after I shared my thoughts...
by adrian tout | Oct 21, 2024 | Equity Risk Premium, Investing Lessons, Risk, Valuations, Warren Buffett
Words: 2,225 Time: 9-10 Minutes How many institutions forecast 2024 correctly? Further price appreciation needs to come from earnings growth A timely lesson in risk management Over the past few weeks I’ve been re-reading “The Intelligent Investor” by...
by adrian tout | Oct 18, 2024 | Apple, Consumer Spending, Retail Sales, S&P500, Valuations
Words: 1191 Time: 5 Minutes Millennials the biggest spenders – prioritizing non-essential items and experiences Disparity widens b/w affluent shoppers and middle-to-low households S&P 500 trades at 22x forward earnings – worth the risk? Never...
by adrian tout | Oct 12, 2024 | Inflation, Interest Rates / Bonds, Money Supply, S&P500, Valuations
Words: 1,938 Time: 8-9 Minutes Expanding money supply; lower rates and fiscal stimulus all help stocks However, will expanding money pressure inflation? And how will growing debts and deficits impact bond yields? Yesterday’s post outlined why investors should...
