Market Commentary


Brexit Update – The Irish Roadblock

Author: Bill Witherell, Ph.D., Post Date: November 15, 2017
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

Significant progress is needed on three “divorce” issues – the future rights of EU citizens in the UK and UK citizens in the EU, the UK’s financial obligations to the EU, and the future border between Northern Ireland and the Republic of Ireland – before the Brexit negotiations can move to the important stage of […]

Tax Reform?

Author: David R. Kotok, Post Date: November 13, 2017
Cumberland Advisors Market Commentary by David Kotok

“The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” – Will Rogers (source: The “Chairman’s Mark” is a 247-page document that outlines the items for consideration by the Senate Committee on Finance Markup.  They convene this week. Here is a PDF of the document:’s%20Mark.pdf. According […]

More on Bitcoin

Author: David R. Kotok, Post Date: November 9, 2017
Market Commentary - Cryptocurrency - Bitcoin

Following up on our recent commentary, and with permission, we continue to quote the excellent work of Nick Colas and Jessica Rabe of DataTrek Research. We encourage readers to give their newly launched service a try. Their website is In this segment, Nick focuses on the question “Are cryptocurrencies an asset class?” “Over my […]

Bitcoin, Gold & President’s Approval Ratings

Author: David R. Kotok, Post Date: November 7, 2017
Market Commentary - Cryptocurrency - Bitcoin

Readers have seen us previously comment on the developing Bitcoin-crypto phenomenon. And our clients know that we are not investing in crypto today but are watching this carefully. Our clients also know we have a position in a gold-miner ETF. Our email from clients, media, and readers has the Bitcoin versus gold argument and the […]

Munis: First Take on the House Tax Bill

Author: John R. Mousseau, CFA, Post Date: November 3, 2017
Market Commentary - John Mousseau

The House bill proposes to keep a 39.6% top rate. Thus there will be no reduction on the demand side for munis for individuals. The corporate rate is lowered to 20% from 35%. The lower rate may hurt corporation demand for munis, most likely in shorter-term maturities since their yields are far lower than Treasuries […]

Zika Update: Brace for Resurgence

Author: David R. Kotok, Post Date: November 1, 2017
Cumberland Advisors Market Commentary - Zika

Back in 2013 a mild virus nobody paid much attention to underwent one small mutation: A single amino acid (serine) was replaced by another (asparagine), according to Chinese scientists who recently published their research in the journal Science ( With that one change, Zika began to deal horrific damage to developing human brains. Zika became […]

Keynes, Kuznets & Trump

Author: David R. Kotok, Post Date: October 30, 2017
Cumberland Advisors Market Commentary by David Kotok

At 8:22 a.m. on Saturday morning, @realDonaldTrump greeted the world with this observation: “Very little reporting about the GREAT GDP numbers announced yesterday (3.0 despite the big hurricane hits). Best consecutive Q’s in years!” – Hat tip: Politico. Our president may wish to revisit the National Income and Product Accounts (NIPA) methodology. He may start with […]

Surplus, Interest, Debt: Personal Finance in a Nutshell

Author: Michael McNiven, Ph.D., Post Date: October 26, 2017
Cumberland Advisors Market Commentary by Michael McNiven Ph.D.

Cumberland Advisors in partnership with the University of South Florida, Sarasota-Manatee (USFSM) and the Global Interdependence Center (GIC), with support from the Financial Planners Association (FPA), are proud to announce the 2nd annual Financial Literacy Day which will be held in Sarasota, FL at USFSM on Thursday, April 5, 2018.  Several nationally recognized speakers are […]

Bitcoin, Gold & Money

Author: David R. Kotok, Post Date:
Cumberland Advisors Market Commentary by David Kotok

We start with a quote by Donald Trump, courtesy of CNN, May 16, 2016: “This is the United States government. First of all, you never have to default because you print the money, I hate to tell you, OK?” We juxtapose that quote with Francesco Bianchi and Leonardo Melosi’s excellent research paper published by the […]

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