Market Commentary


1Q2019 Review: Puerto Rico

Author: , Post Date: March 27, 2019
Market Commentary Puerto Rico

The quarter proved to be a meaningful one for the Commonwealth of Puerto Rico, with the Puerto Rico Sales Tax Financing Corporation (COFINA) finalizing the restructuring of its $17-plus billion in outstanding debt. This stands as the most significant development we have seen in Puerto Rico’s years-long journey, with COFINA representing approximately 24% of the […]

The FOMC, March 2019

Author: Robert Eisenbeis, Ph.D., Post Date:
Federal Reserve - FOMC

To no one’s surprise, the FOMC left its policy rate unchanged. This decision was widely telegraphed in advance. What was a surprise to many – but should not have been – was the mark-down in prospective rate changes to zero in 2019 and only one in 2020. Pundits puzzled over what had changed since the […]

1Q2019 Review: Taxable Fixed Income

Author: , Post Date: March 26, 2019
Cumberland Advisors Market Commentary

Short to intermediate Treasury yields declined throughout the first quarter as of March 19th, as the 30-year Treasury was flat at roughly 3.00%. The Treasury yield curve remains slightly inverted out to 5-years. This has benefited the Agency multi-step securities that we hold in portfolios, as we have witnessed an increase in calls as coupon […]

Buffett’s 2018 Letter / Fees Matter When Investing “Forever” / Clear Your Calendar for April 11th

Author: Gabriel Hament, Post Date: March 21, 2019

In the Oracle of Omaha’s 54th annual letter to Berkshire Hathaway shareholders, Warren Buffett celebrates the dynamism of the American economy while cautioning investors against high-cost advisory fee arrangements. Buffett attributes the success of the United States to the American tailwind – a force animated by patriotism, sacrifice, and the belief that “generations beyond would […]

1Q2019 Review: International Equity ETF

Author: William Witherell, Ph.D., Post Date: March 20, 2019
Cumberland Advisors Market Commentary by Bill Witherell, Ph.D.

International equity markets recovered strongly in the first two and a half months of 2019. This followed last year’s sharp drop in global markets, particularly in December. The revival in investment sentiment has occurred despite a moderation in global economic growth, which has eased from an annual pace of 3.8% in 2018 to 3.4% this […]

The Interview: David Kotok on GSIBs, Markets & Central Banks with Chris Whalen

Author: Chris Whalen, Post Date: March 14, 2019
Market Commentary - Cumberland Advisors - The Interview David Kotok on GSIBs, Markets and Central Banks

My friend Chris Whalen was kind enough to use an interview he did with me in his weekly publication on financial and banking issues, The Institutional Risk Analyst. Chris has had a distinguished career, and it was a pleasure to interact with him again. This summer Chris and I are cohosting the June gathering at […]

Venezuela Poses Health Risk in the Americas

Author: David R. Kotok, Post Date: March 11, 2019
Bandera_de_Venezuela_en_el_Waraira_Repano by Jonathan Alvarez C

The economic and political dimensions of Venezuela’s collapse have dominated headlines, but the country is also being undermined by a healthcare crisis that could spread to all of Latin America. The situation in Venezuela demonstrates how failed government and economic collapse can lead to the unchecked spread of infectious disease, creating headaches across a region […]

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