January 25th & Gary Shilling

Gary Shilling is an icon of our finance industry. His monthly missive is priceless. Fred Rossi edits and researches. The work product is extraordinary. We thank them for permission to share the December monthly in full. The trigger for our request was their thorough examination of the climate-change debate and the coincident timing, as registration is now open for the January 25th GIC-USFSM conference, Adapting to a Changing Climate: Challenges & Opportunities, to be held at the University of South Florida Sarasota-Manatee.
 
Here is a link to the conference presentations lineup: http://usfsm.edu/climate
 
The conference is fully sponsored, so the registration cost is only 50 bucks to cover lunch and direct costs. Issues such as red tide, hurricane intensity, and rising sea levels are among those to be examined. The purpose of the conference is not to find fault; instead, it is to discuss what to do now and tomorrow and next week and next month.
 
Please take a look at the excellent data assembled by Gary and Fred, starting on page 31 of Gary Shilling’s Insight for December, available here as a PDF file: https://cumber.com/pdf/A.-Gary-Shilling’s-INSIGHT-December-2018-(Climate-Change-A-Look-From-Both-Sides).pdf – page=31.
 
Also look at the latest official US report on climate change, released by the Trump administration on the day after Thanksgiving: Fourth National Climate Assessment, Volume II: Impacts, Risks, and Adaptation in the United States, https://nca2018.globalchange.gov/.  
 
Another valuable source of reliable analysis of climate change comes from the Becker Friedman Institute for Economics of the University of Chicago. Their working paper 2018-51 is entitled “Valuing the Global Mortality Consequences of Climate Change Accounting for Adaptation Costs and Benefits” (August 2018). It’s available here: https://bfi.uchicago.edu/Greenstone-WP-201851.
 
We hope that you will join us at the USFSM auditorium on January 25 for the conference. Please forward this message to anyone who might be interested in this subject.

GIC & USFSM - Adapting to a Changing Climate - Challenges & Opportunities




January 25th and California Fires

The January 25th GIC-USFSM conference on adaptive climate change, Adapting to a Changing Climate: Challenges & Opportunities, to be held at the University of South Florida Sarasota-Manatee, includes discussion of fires as well as hurricanes. Here is a recent Bloomberg story for reference: “What Wildfires and Hurricanes Mean for the Global Economy” (https://www.bloomberg.com/news/articles/2018-11-22/what-wildfires-and-hurricanes-mean-for-the-global-economy).

2018 has been a horrible and murderous year for fires. We all know that. The issue for climate change deniers and for climate change believers is whether we can expect normalcy or whether something is different now, requiring adaptive solutions. January 25 will focus on that question.

Cumberland Advisors is proud to sponsor this conversation, which presents skilled professionals in a transparent and independent forum. Attendance costs only $50 to cover lunch (registration here).

Now we offer a guest commentary about the California fires. We thank our good friend and GIC board colleague Philippa Dunne for sharing her essay with our readers. Philippa is coeditor of three  macroeconomic newsletters – The Liscio Report, which has a trading focus, Sightlines Bulletin, which offers “concise data-driven monthly analyses of the direction of the American economy,” for professionals and academics, and TLR Wire, frequent, short notes and graphs on important aspects of fresh data missed by the mainstream intended for all readers You can learn more about both and subscribe at http://www.tlranalytics.com.

California Fires, by Philippa Dunne

Two differences jump out when we attend conferences with a higher percentage of speakers who were not born in the US, but may teach here, and we share these now as observations, not criticism. There is considerably more concern voiced about the effects of market concentration and pricing power, which we have outlined; and there is a general sense that US citizens, perhaps especially those in the financial markets, are not accurately anticipating the market impacts when, say, lawsuits and insurance claims caused by extreme weather start rolling in at an ever faster pace.

I grew up in Malibu, where fires were a central part of my childhood.

Every fire has its own unforgettable personality. One marches as a belligerent wall, missing little in its path to the shore; one changes its mind at the last minute, trapping the fire crews and their equipment on the wrong side of the column; and some, like the recent Woolsey fire, flame seemingly in all directions, pouncing on areas the size of football fields in a second.

And they all have different ways of introducing themselves. Sometimes a bunch of tumbleweeds thud into the house: the Santa Ana wind. Sometimes sirens race up the highway; by the time I was five, I could tell which canyon they turned into; and sometimes I would first see reflected flames flickering in my window. Then it’s grab all the animals and your toothbrush, unlock all the doors and gates for the firemen, kiss the ground by your bedroom door with hope, and head for the Georgian Hotel in town. From our rooms there we would stay up all night, looking out across the bay as the unspeakably beautiful flames winged up and down the mountains, seemingly in silence although we knew they were panting.

Firefighting is a male-dominated field. The first female firefighter in this country was Molly Williams, Volunteer #11, a slave owned by a New York City merchant. There have been all-female forest crews since the 1920s, but in the US only 2% of firefighters are women. Los Angeles Mayor Eric Garcetti promised that by 2020, 5% of the LAFD will be women; currently that’s 3.5%. I’m not being sexist when I refer to my wonderful childhood heroes as men.

An owl lands on the beach; a coyote limps on singed foot pads, showing no interest in a fleeing rabbit. A firefighter staggers in the wind.

The fires have always been unpredictable and terrifying, but they have moved into a new dimension. The Paradise fire has set records, but the recent Woolsey fire that flew to the beach in west Malibu, bad as it was, isn’t up to today’s standards. In 1970, the Santa Ana, blowing at 80 miles an hour and gusting to twice that, drove a 30-mile wall of fire from Newhall to Malibu. First we heard it mentioned on the news, and then it was barreling over the mountain so quickly that we barely had time to load up the animals. It did take out the Spahn Ranch, where Charlie Manson and his crew lived (no comment), but also the iconic Serra Retreat, a real loss. That fire was a record-setter then, but it isn’t even in the top twenty these days.

I recently visited friends in Santa Barbara and finally saw firsthand the incomprehensible destruction in the path of the fire and floods of last year. One friend, a real estate agent in Montecito, one of the most idyllic places on earth, said that he is having a tough time determining if business is slow because of interest rates or because buyers are afraid to invest in multi-million-dollar properties threatened by fires and rushing mud. We drove through the slide area: Geologists are still calculating how much the mud (A Look Inside the Montecito Disaster Probe), the consistency of honey and traveling at up to 27 miles an hour, was needed to launch “giant boulders” down the washes.

Thank you, always, to the fire crews, both the pros and the inmate volunteers making $2 a day (and $1 an hour when they are fighting active fires) – may many more go on to join Cal Fire; to the California Highway Patrol – you haven’t lived until a CHP yells at you to “gun it” in order to get over a smoldering divider; and to the migrant farmers who kept working in the fields through the smoke.

My job during the fires was always to drag panicked horses out of their stalls and onto the beach. They really do run back into burning barns. To give you an idea what it’s like, during the Newhall-Malibu fire I was pulling a mare across the sand when I noticed I was stumbling inexplicably, or so I thought. I looked down at my foot, now in slow motion, which was sitting on a board. I picked up my foot and the board came with it, held by a large nail that I couldn’t feel. A stranger ran over, said “It’s okay to scream,” pulled the board off, and raced me across the sand to the vet’s office. I got a tetanus shot and no other treatment. There was no time for that. And mine was just an ordinary fire experience.

No horses were lost in that canyon, but we feel a bit like those horses right now. We’re not a political newsletter, and this is one of the most divisive topics in our country right now. Voicing these opinions could lose subscribers, but we are willing to take that risk. We all have different opinions and want to hear yours.

The optimistic approach is the one that takes steps to slow the climate changes that produce increasingly heavy weather and the historic droughts that make devastating fires more likely. Stephen Pekar, who runs the paleoclimate research lab at the City University of New York, among his many other activities, notes that climate changes are now taking place between 100 and 1000 times faster than they have in the past. To get to the point of taking steps to curb climate change, we have to change the conversation. The risk is asymmetrical – didn’t that Schopenhauer guy have something to say about that? While it’s true that there have always been dramatic shifts in climate, the drivers of those shifts can be measured, and they do not fully account for what we are seeing. We all need to know what the cores drawn from the Greenland ice sheet are telling us. That key research is beautifully chronicled in Richard Alley’s Two-Mile Time Machine (https://www.amazon.com/Two-Mile-Time-Machine-Abrupt-Climate/dp/0691102961). Otherwise we have only opinions.

There are tremendous opportunities in the renewable energy sector, jobs that would help balance the increasingly unequal opportunities available to our working classes. For renewable sources to really take off, we’d have to drop subsidies for the fossil-fuel producers and let the markets work. When the mechanization of our farms sent farm work tumbling from something like 30% of the workforce to the current 1–3%, depending on how you jigger the numbers, the transition was largely enabled by the war effort. Workers were moved from the farms into the factories, and much of what they made was battle-related. Had they been left in the rural areas to fend for themselves, as so many of our machinists have been, what would have happened? Of course, we’d advocate for a green-energy rebuild and retrofitting, not more weaponry, and the tools are ready at hand.

Frank Nutter, head of the Reinsurance Association of America, told writer Eugene Linden a quarter of a century ago that “global warming could bankrupt the [reinsurance] industry.” Linden also points out that while the Insurance Information Institute was singling out Florida as having the greatest exposure to the combined effects of a changing climate, Governor Rick Scott and Senator Marco Rubio went on record to dismiss the threat.

Cargill’s Gregory Page agreed to be on the board of bipartisan Risky Business, which aims to put a price on all of this. You can tell he doesn’t like being there, and good for him for stepping up. He did say he was willing to do so only because the outfit aims to document risks, not look for solutions. Whatever, but he did add that in agriculture the “threat of long-term weather-pattern changes cannot be ignored.”

The IMF produced a 2015 report (https://www.imf.org/en/News/Articles/2015/09/28/04/53/sonew070215a) showing that around the world fossil fuel subsidies amount to $5.3 trillion, or 6.5% of world GDP. Climate-minded economists reckon it would take 1% of world GDP to devise and implement remediation. But that $5.3T amounted to more than total health spending of all the world’s governments at the time. Apparently, the IMF rechecked their work when they saw their results, and we rechecked ours. (Read that again if you need to.)

Around the world we’re using big tax dollars to support a backward-looking sector, making it harder to implement programs tailor-made to get us beyond stagnant wage growth of our middle classes. Although fossil fuel operations lift wages in a slim tranche of well-paid workers, they are not engines of job creation. Green projects, whether they be high-tech explorations or muscle-power retrofits, create jobs that pay well, and retrofits are labor-intensive. They also offset municipal costs for heating and cooling, and cutting back on the time we spend stuck in traffic jams would raise productivity. There’s a lot more data; but as long as people see climate change as an ideological battle, data do not help much. We’ll be happy to send links; just email Philippa: philippa@panix.com

Cue in the creative destruction of a true market economy.


Here is the link to the latest US government report on climate change. We recommend perusal with and open mind and a willingness to alter views: Fourth National Climate Assessment, Volume II: Impacts, Risks, and Adaptation in the United States, https://nca2018.globalchange.gov.

For more information on how to join us in this important conversation at the January 25th GIC-USFSM conference, please visit www.usfsm.edu/climate.

GIC & USFSM - Adapting to a Changing Climate - Challenges & Opportunities
 

David R. Kotok
Chairman and Chief Investment Officer
Email | Bio


Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

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Red Tide, January 25th Sarasota Conference on Climate Change

The January 25th GIC-USFSM conference, Adapting to a Changing Climate: Challenges & Opportunities, to be held at the University of South Florida Sarasota-Manatee, is open to the public. The sponsors, including Cumberland, helped so as to allow the cost of registration to be held to $50, a registration fee that covers the lunch.

GIC & USFSM - Adapting to a Changing Climate - Challenges & Opportunities
 

Climate-change believers and deniers are welcome. The purpose of the event is to put facts and details in the public domain for discussion.

Red tide and the toxins it carries are among the issues we will take up. Ask any Sarasota restauranteur or hotel manager what has happened to business these last few months, and the economic impact on Florida becomes clear. All political personalities interested in mitigating the effects of red tide on their jurisdictions are welcome to attend or send staff.

Let me get to a specific health issue related to red tide. I will start with a quoted email from a national personality whom I know personally. He contracted an illness believed to be a result of breathing red tide toxin or the related algae bloom toxin.

He wrote:

“I’ve easily found articles with various analyses of probable causality between bodily responses to Brevetoxins and auto-immune system responses generally associated with organizing pneumonia.

“The experts I have want to identify similar episodic correlations in order to study specific trends and narrow the range of potential causality.

“Has your group associated among any Florida pulmonologists that have seen similar cases?

“One of the fundamental issues may be that the primary group at risk of serious chronic illness is visitors that have no prior immunities from low doses of Brevetoxin exposure. They suffer the effects of a red tide bloom of Karenia brevis algae and then leave Florida before any of the major chronic illness symptoms appear.

“They know they are sick but have no contact with medical professionals that understand normal red tide irritations. That now seems to be the primary missing link.

“Research is so much fun (if only I didn’t have to concurrently live the experience).”

My friend also sent this report:

“David,

“Initial biopsy result on the biggest spot in my lung found ‘organizing pneumonia’ and no malignancy – good news.

“The point at which the coughing and respiratory irritation that resulted in this particular ‘pneumonia’ began, however, directly coincides with my exposure to red tide in April. My med records are very clear that there was no cough or other irritation symptoms before that exposure.

“If there would be any interest in this situation among you and your friends, let’s talk.

“I’m going to enjoy Thanksgiving with family and head to FL. If there’s interest, maybe we can gather and discuss a follow-up for the public health of FL, as Judy and I traverse the Tampa area after Thanksgiving.

“My AA pulmonologist and I will do more to follow up in Dec. I’ve got numerous other spots we need to analyze further before declaring ‘victory.’”

Dear reader: My point of this personal story is direct. This could be you or me. Research and discussion are needed. And what we’re dealing with here is a second-order effect of climate change, just like growing hurricane intensity and rising sea levels.

We are going to have a full auditorium on January 25, with thorough presentations and discussions of facts.

Below is a series of extracts and links on the red tide and toxin issues:


“Harmful Algal Bloom (HAB)-Associated Illness… Harmful algal blooms (HABs) are the rapid growth of algae that can cause harm to animals, people, or the local ecology. A HAB can look like foam, scum, or mats on the surface of water and can be different colors. HABs can produce toxins that have caused a variety of illnesses in people and animals. HABs can occur in warm fresh, marine, or brackish waters with abundant nutrients and are becoming more frequent with climate change.”
(Centers for Disease Control and Prevention, https://www.cdc.gov/habs/index.html)


“Exposure to harmful algal bloom toxins found in cyanobacteria (blue green algae) or Karenia brevis red tide can cause severe illness in pets, livestock, and wildlife when contaminated water is ingested or when animals lick their fur after swimming.”
(Florida Dept. of Health, http://www.floridahealth.gov/environmental-health/aquatic-toxins/aquatic-toxins-program-animal-health.html)

“About Red Tide… Algae are vitally important to marine ecosystems, and most species of algae are not harmful. However, under certain environmental conditions, microscopic marine algae called Karenia brevis (K. brevis) grow quickly, creating blooms that can make the ocean appear red or brown. People often call these blooms ‘red tide.’

“K. brevis produces powerful toxins called brevetoxins, which have killed millions of fish and other marine organisms. Red tides have damaged the fishing industry, shoreline quality, and local economies in states such as Texas and Florida. Because K. brevis blooms move based on winds and tides, pinpointing a red tide at any given moment is difficult.

“ASSESSING THE IMPACT ON PUBLIC HEALTH

“In addition to killing fish, brevetoxins can become concentrated in the tissues of shellfish that feed on K. brevis. People who eat these shellfish may suffer from neurotoxic shellfish poisoning, a food poisoning that can cause severe gastrointestinal and neurologic symptoms, such as tingling fingers or toes.

“The human health effects associated with eating brevetoxin-tainted shellfish are well documented. However, scientists know little about how other types of environmental exposures to brevetoxin—such as breathing the air near red tides or swimming in red tides—may affect humans. Anecdotal evidence suggests that people who swim among brevetoxins or inhale brevetoxins dispersed in the air may experience irritation of the eyes, nose, and throat, as well as coughing, wheezing, and shortness of breath. Additional evidence suggests that people with existing respiratory illness, such as asthma, may experience these symptoms more severely.”
(Centers for Disease Control and Prevention, https://www.cdc.gov/hab/redtide/pdfs/about.pdf)


Here are additional red tide resources:

“Harmful Algal Bloom (HAB)-Associated Illness… Publications, Data, & Statistics”
(Centers for Disease Control and Prevention, https://www.cdc.gov/habs/publications.html)

Here is the link to the latest US government report on climate change. We recommend perusal with an open mind and a willingness to alter views: Fourth National Climate Assessment, Volume II: Impacts, Risks, and Adaptation in the United States, https://nca2018.globalchange.gov/.

For more information on how to join us in this important conversation, please visit www.usfsm.edu/climate

David R. Kotok
Chairman and Chief Investment Officer
Email | Bio


Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.




Suncoast FYI talks with Michael McNiven & James Curran about Financial Literacy Day

Dr. Michael D. McNiven,  Managing Director and Portfolio Manager at Cumberland Advisors, joins Dr. James Curran, Dean of College of Business at USF Sarasota-Manatee, to discuss their upcoming event, Financial Literacy Day.

Attendees of Financial Literacy Day: An Update on the Financial Markets & Economy can receive continuing ed credit from the following orgs:

• AFCPE Post Certification (7 credits)

• CFP Board (7 CE credit hours)

For a detailed agenda and registration information, please visit: www.Interdependence.org




Suncoast Speaks interview with John Mousseau & Matt McAleer about Financial Literacy Day

John Mousseau & Matt McAleer are featured on Suncoast Speaks to talk about about Financial Literacy Day. Chuck Englund dives into financial literacy and what attendees can expect to hear and learn at Financial Literacy Day.

USF Sarasota-Manatee, Cumberland Advisors and the Global Interdependence Center are partnering to host Financial Literacy Day on April 5th, 2017. This is their second year organizing this event together.

Details & registration for Financial Literacy Day: https://www.interdependence.org/events/second-annual-financial-literacy-day-update-financial-markets-economy/

David Kotok was recently featured on the Suncoast View and you can watch and read about it here.




Banks and April 5

Banks and the banking system are a big part of the April 5 Financial Literacy Day to be held in Sarasota at the Selby Auditorium on the University of South Florida Sarasota-Manatee (USFSM) campus.

We are going to hear from Federal Reserve President Raphael Bostic, whose Atlanta-headquartered district includes the State of Florida. So by definition the Federal Reserve Bank of Atlanta is the central banking authority of every bank in the greater Sarasota-Bradenton region. Major changes in bank supervision and regulation are underway; and new legislation is changing the playing field because requirements differ for the community banks, the small and mid-sized banks, and the very large banks. Hundreds of thousands of individuals, businesses, and other organizations in the greater Sarasota-Bradenton region interact with banks daily.

Attendees will also hear from Chris Whalen, who will offer his views on the banking system. Chris has a distinguished career in credit ratings and in bank analysis. His newsletter, the Institutional Risk Analyst, is famous; and his bank-rating mechanism has been well-known to investment professionals for decades. He frequently appears on Bloomberg TV and CNBC.

On the municipal bond panel there will be room for discussion about the forthcoming changes that allow banks to count their holdings of munis as high-quality liquid assets in determining their capital requirements. Many see this change as bullish for Munis and for the investing public. Attendees at the April 5 event will be able to question experts on the rule changes and what those changes may mean for an investor or a broker-dealer who sells munis. Disclosures are also forthcoming about broker markups, and they, too, will have an impact. The sessions are designed to give the public a real window of opportunity to learn about these issues and to pose their questions to experts.

The Financial Literacy Day stock market sessions will also include discussion of banks, bank stocks, and related securities. Banks and financials make up about 15% of the American stock market weight, looming large in the US investing landscape, and they have been strong performers in the recent stock market rally. Will that trend continue? Why or why not? Are there credit issues on the horizon? What will the implications be for banks as the Federal Reserve changes its monetary policies?

When it comes to banks, there is plenty to talk about on April 5th.

Registration is now open for the April 5 all-day event. Financial Literacy Day is an open forum: Individual investors, state and local officials, financial institutions, pension trustees, philanthropy activists, policy makers and policy wonks – all are welcome. At Cumberland we believe everyone benefits from increased financial education.

The cost is only $50 to register ($25 for students), and that is just to help cover GIC’s and USFSM’s expenses. Cumberland is sponsoring the event and hosting lunch and the closing reception. Attendees are welcome for the whole day or part of the day.

Please reserve your spot soon – we expect to have a full auditorium. The event is open to public participation. All are invited and welcome. You can make your reservation online and learn more at https://www.interdependence.org/events/second-annual-financial-literacy-day-update-financial-markets-economy/.

David R. Kotok
Chairman and Chief Investment Officer
Email | Bio

 




Stock Market targeted on April 5

The stock market will be a prominent topic at the April 5 Financial Literacy Day in Selby Auditorium on the USFSM Sarasota campus.

In the first stock market session, nationally known technical analyst Katie Stockton will pair with Cumberland’s quantitative mathematician, Professor Leo Chen, in a broad discussion of techniques used in stock market management. Alison Gardner of RBC Wealth Management will moderate that session.

The second stock market session is a powerhouse that includes Jeff Saut, chief investment strategist of Raymond James; Jeremy Schwartz, director of research at WisdomTree; Adam Johnson, formerly an anchor at Bloomberg TV and now the author of Bullseye Brief; and Cumberland’s director of ETF strategies, Matt McAleer. This top-flight panel will be moderated by Bill Kennedy, chief investment officer at Fieldpoint Private. Anyone interested in the stock market is in for an exceptional day.

This April 5 event is an open forum: Individual investors, state and local officials, financial institutions, pension trustees, philanthropy activists, and policy makers are all welcome. At Cumberland we believe everyone benefits from increased financial education.

A full program will be offered on April 5. In addition to the keynote speech by Atlanta Fed President Raphael Bostic, featured speaker Chris Whalen, Chairman of Whalen Global Advisors LLC and Global Independence Center (GIC) board member, will discuss the US banking system. Panel discussions will cover not only munis but also the outlook for the US and world stock markets, the global economic outlook, and the use of quantitative measurement and technical analysis in the stock market.

The cost is only $50 to register ($25 students), and that is just to help cover GIC’s and the University of South Florida Sarasota-Manatee’s expenses. Cumberland is sponsoring the event and hosting lunch and the closing reception. Attendees are welcome for the whole day or part of the day.

Please reserve your spot soon – we expect to have a full auditorium. The event is open to public participation. All are invited and welcome. You can make your reservation online and learn more at GIC’s website https://www.interdependence.org/events/browse/programs/second-annual-financial-literacy-day-update-financial-markets-economy/.

David R. Kotok
Chairman and Chief Investment Officer
Email | Bio


Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.




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