Markets

Is Secular Leadership in US Technology Over? May 20, 2021

Posted by Steven Vannelli, CFA in Markets, Portfolio Management

We believe the US technology sector has reached a level of valuation such that it is has the potential to substantially subtract from portfolio returns going forward. In this mid-quarter update, we: -Highlight how we monitor valuations in the global stock markets while shining a…

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The Market Is Looking Through Hot Inflation, For Now May 14, 2021

Posted by Bryce Coward, CFA in Markets

This week saw some doozy inflation readings beginning on Wednesday with the CPI reading and then again on Thursday with the PPI. CPI came in at 4.2% year-over-year, but a whopping 0.8% month-over-month. For context, 0.8% MoM implies 10% annualized inflation! The PPI was also…

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Reflation and Rotation April 20, 2021

Posted by Steven Vannelli, CFA in Knowledge Leaders, Markets, Portfolio Management

In this Q1 2021 slide presentation of our quarterly strategy report, we discuss the following topics: -The level of speculative activity in markets this year has been extreme in our view. More money has come into world stock markets in the last 5 months than…

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Small Trader Mania February 05, 2021

Posted by Steven Vannelli, CFA in Markets

In which we discuss the recent small trader mania. Download slides here: Small Trader Mania Questions? Email us at investmentteam@klcapital.com.  

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Party Like Its 1999 January 27, 2021

Posted by Steven Vannelli, CFA in Markets, Portfolio Management

In this Q4 2020 slide presentation of our quarterly strategy report, we discuss: Bob Farrell’s Rules for Trading (#5 and #7 especially resonate with us right now). What the retail trading frenzy, recent IPOs and speculation can tell us about where we are in the…

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Get Ready for Services Prices to Accelerate Higher January 22, 2021

Posted by Bryce Coward, CFA in Economy, Markets

We’re going to keep this post short and sweet because the charts speak for themselves. Today, preliminary Markit PMIs were released for January. Headline numbers ticked up, which is great and shows a continued expansion into the new year. The release also showed that input…

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Breakeven Inflation is Breaking Out December 04, 2020

Posted by Bryce Coward, CFA in Economy, Markets, Portfolio Management

Inflation expectations as priced by the Treasury market are hitting 18 month highs just now. As the reader can see, inflation expectations across all treasury maturities are at cycle highs. This is happening coincident with growing expectations for the $908bn bipartisan stimulus deal and widespread…

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