Market Commentary


Inflation and Fed

Author: , Post Date: January 31, 2018

Don Rissmiller is a Camp Kotok fishing pal, the new chair of the Global Interdependence Center, and a senior personality at Strategas. He is also one very thoughtful economist. In his Weekly Economics Summary published last week, Don sets forth a serious analysis of inflation and the Fed’s 2% target. He outlines his arguments succinctly. And he […]

Geography Matters

Author: David R. Kotok, Post Date: January 29, 2018
Cumberland Advisors Market Commentary by David Kotok

Strategas Research has compiled the year-to-date (through January 25) returns of major global equity markets. They point to Hong Kong and Brazil as the leaders, with returns YTD of around 10%. Of the others in the largest 20 markets, only two, Australia and the UK, were slightly negative. For reference, the United States was about […]

Trade, Dollar, Trump

Author: , Post Date: January 26, 2018
Cumberland Advisors Market Commentary by David Kotok

“In the long run we are all dead” was John Maynard Keynes’ famous criticism of economic models. The rest of the quote goes, “Economists set themselves too easy, too useless a task, if in tempestuous seasons they can only tell us, that when the storm is long past, the ocean is flat again.” We thank […]

Report from San Diego

Author: David R. Kotok, Post Date: January 25, 2018
The presentation of the GIC Frederick Heldring Award for Global Leadership to Eric Rosengren

Dear Readers, We had the wonderful opportunity to present the Heldring Award to Boston Fed president Eric Rosengren at the GIC meeting in San Diego, held on Friday, January 12, at the Rady School of Management. This is GIC’s second year in San Diego but the first time in partnership with Rady, which provided a […]

Potential Fed Vice Chairman

Author: Robert Eisenbeis, Ph.D., Post Date: January 21, 2018
Cumberland Advisors Market Commentary by Robert Eisenbeis, Ph.D.

Reports are that John Williams, president of the Federal Reserve Bank of San Francisco, has been targeted as a potential candidate for Fed vice chairman. President Williams is scheduled to vote as one of the five sitting reserve bank presidents on the FOMC in 2018. What would his appointment mean as far as the Fed […]

US Competitiveness – A Global Comparison

Author: Bill Witherell, Ph.D., Post Date: January 19, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

Next week the World Economic Forum (WEF) will host its 48th annual meeting in Davos, Switzerland, drawing together a large number of leaders from governments (including President Trump), international organizations, business, academia, and civil society. The title for this year’s meeting is “Creating a Shared Future in a Fractured World.” This global networking event will generate […]

Value vs. Equal Investing: It’s More Than Just That Month

Author: Leo Chen, Ph.D., Post Date: January 18, 2018
Cumberland Advisors Market Commentary - Leo Chen, Ph.D.

The US stock market had a marvelous year in 2017. The major benchmark S&P 500 returned 21.60%[1] including dividends. But savvy investors probably noticed that there were some significant discrepancies among the major indexes: If you chose the tech-heavy NASDAQ composite, you would have made 29.58%[2] last year, while if you invested in the small-cap […]

Marijuana Discussion: A Follow-Up

Author: David R. Kotok, Post Date: January 9, 2018
Cumberland Advisors Market Commentary by David Kotok

We thank readers for their diverse and sometimes intense responses to our recent comments about marijuana legalization in California and about the reversal of a US policy. The link to that piece is here: Many good points and counterpoints were argued. Some of them are quoted below. Our position of supporting change is rooted […]

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