Getting Back to Basics: A No Frills Review of the State of Corporate Innovation

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As investors, it’s easy to get caught up in headlines about things like Snap’s $23bn market cap or Tesla overtaking Ford and GM to become the most valuable US auto maker. While well-intentioned and interesting, that sort of narrowly focused news coverage gives the impression that innovation is a phenomenon reserved for tech-centric unicorns whose business models […]

Stock/Bond Ratio Back at 2007 Peak

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As 1Q17 finishes with a gain in the books, the stock to bond performance ratio has also broken to a new cycle high, elevating to levels not seen since mid-2007. Our measure of the stock to bond ratio measures the total return of the S&P 500 relative to that of the JPM 10 year treasury total […]

If Trump Gets Taxes and Infrastructure, Who Pays, and What Does it Mean for Stocks?

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With the dissolution of health care legislation barely final, murmurers out of Washington seem to suggest tax reform/cuts and infrastructure may be tackled in tandem in a way that attracts bipartisan support. If it comes to pass, it would go a long way in meeting the market’s expectations for pro-growth policies from the new administration. But […]

Which is it: .9% or 2.8%, and Does it Even Matter?

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As the first quarter nears its end there is some debate as to where Q1 GDP growth will come in. As recently as yesterday the Atlanta Fed GDPNow estimate had GDP growth of .9% and this morning the NY Fed’s Nowcast is expecting 2.8%. Highlighting the disparity, the upper bound of the Atlanta Fed’s GDPNow […]