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: http://www.cumber.com/california-high-on-cannabinoid-wellness/. Many good points and counterpoints were argued. Some of them are quoted below. Our position of supporting change is rooted […]
“California High on Cannabinoid Wellness” is the title to this commentary which was written a few days ago. Now we must ask: “What about the rest of the nation?” By yearend, 8 states will have recreational Marijuana; 29 will have medical usage. Meanwhile a reversal of established policy gives an “in your face” to the […]
On Wednesday, the Fed released the minutes of the FOMC’s December meeting. As usual, the minutes followed the standard format, mirroring the way presentations and discussions proceed at FOMC meetings. It began with a brief summary report by the manager of the Open Market Desk in New York. There were only two notable pieces of […]
The fourth quarter was dominated by tax reform and its effects on the supply and pricing of municipal bonds. The prospect that one of President Trump’s major initiatives would finally be passed by year-end buoyed the stock market http://www.cumber.com/market-volatility-etf-portfolio-4q-2017-review-will-the-bull-market-continue/. For a recap of the tax law changes and effects on the municipal market, please see […]
The Commonwealth of Puerto Rico entered the fourth quarter having suffered one of the most devastating natural disasters in the island’s history. Hurricane Maria left billions of dollars in damage in its wake, including both infrastructure damage and economic losses. The human costs have been equally terrible, with millions of US citizens suffering. Three months […]
Recognizing strengths and weaknesses among primary asset classes is the core goal of our Tactical Trend strategy. The strategy seeks to identify relative strength and trend strength in an attempt to allocate capital to the strongest asset classes while underweighting or eliminating exposure to the weaker asset classes. We perform rigorous surveillance on the following […]
Happy New Year Wishes. The final Congressional Budget Office (CBO) scoring of the tax bill was submitted to the House Ways and Means Committee on December 15. A summary of the scoring is available here in PDF form: https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/53415-hr1conferenceagreement.pdf. Mike Englund of Action Economics (http://www.actioneconomics.com) had this to say about the CBO analysis: “The CBO […]
The fourth quarter of 2017 continued to produce records in the equity market, while the yield curve in the fixed-income market continued a flattening trend. The largest movement in yield was on the short end, as short-term rates continue to rise. As of December 20th, the 1-year and 2-year Treasury yields increased 42.6 and 41.9 […]
The strong advance in international (global ex-US) equity markets this year slowed down in the final quarter as advanced-economy markets consolidated their substantial gains and some emerging markets gave back part of their earlier advances. Latin American markets were hit by weakness in commodity markets, weakness in the Brazilian economy, and Mexican concerns about its […]
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For a list of all equity recommendations for the past year, please contact Timothy J. Lyle at 800-257-7013, ext. 350. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.