Playing With Fire

Playing With Fire Halloween is meant to be a scary night, but not as scary as the impending cessation of many social programs resulting from the government shutdown. Short government shutdowns are generally just a matter of political gamesmanship and last only a few days. Longer shutdowns create real problems, for real people, and we […]
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Understanding Bonds, Debt & Inflation: A Conversation with Lisa Hornby

Click Here to view our Podcast. This week, Phil sits down with Lisa Hornby, Fixed Income Strategist at Schroders, for a timely conversation on the state of the bond market. They discuss how yields influence future returns, the growing concerns around deficits and national debt, and why inflation continues to play a critical role in […]
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LLM End Game

LLM End Game In her book “Technological Revolutions and Financial Capital,” economist Carlota Perez explains the life cycle of great surges of economic development, such as the Industrial Revolution; the age of Mass Production; or the Information Age (internet). Each evolves in a cycle beginning with some defining event that pushes technology onto center stage, […]
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Will Gold Continue to Glitter?

Will Gold Continue to Glitter? All the talk these days seems to be about the dominance of AI stocks in the stock market, but they aren’t the only game in town. Thus far in 2025, gold has outperformed Nvidia and the hyperscalers, climbing above $4,300/oz. this week, and gold remains the top performing asset class […]
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Tariffs Return with a Vengeance

Tariffs Return with a Vengeance? The stock market, which had been merrily rolling along since the tariff issues subsided in April, was jolted on Friday by President Trump’s threat of ‘massive’ tariff increases on China. What had appeared resolved with China, albeit temporarily, is back in the forefront. On Truth Social, the President wrote: “Some […]
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Shutdown, But Not Shut Out

Shutdown, But Not Shut Out The longest government closure in U.S. history was in Trump’s first administration, lasting 35 days in late 2018 into 2019. During that period, the stock market rose roughly 10%, but do not read too much into that. The fourth quarter of 2018, and especially December, was a painful period for […]
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