Market Commentary


Why David Blond is Wrong on Trade

Author: Robert Brusca, Post Date: March 30, 2018

We thank readers for their thoughtful responses to David Blond’s guest paper on trade and tariffs, Winners and Losers from Global Trade. That paper triggered debate. Below is Bob Brusca’s rebuttal. Enjoy the debate as each person can decide her/his own viewpoint. David R. Kotok Chairman and Chief Investment Officer Email | Bio Why David […]

Q1 2018 Municipal Credit

Author: Patricia Healy, CFA, Post Date:
Cumberland Advisors Market Commentary by Patricia Healy, CFA

Ratings, Teachers’ Strikes, Pensions, Higher Education During the quarter, Moody’s and S&P reported that upgrades of municipal bonds continued to dominate downgrades in 2017. For S&P it was the sixth year in a row, with California leading the way in the number of upgraded issuers, followed by Florida and Texas. For Moody’s it was the […]

SPIVA and Active Bond Management

Author: Gabriel Hament, Post Date: March 27, 2018
Gabriel Hament, Foundations and Charitable Accounts, Cumberland Advisors

Active Equity Fund Managers Stuck in the Rough, While Active Bond Managers Tend to Stay on the Fairway Since the launch of the State Street Global Advisors S&P 500 exchange-traded fund (SPY) in 1993, passive, index-replication portfolio construction has been widely adopted and represents the common investing experience of John and Jane Q. Public. Passive […]

Dovish or Hawkish?

Author: Robert Eisenbeis, Ph.D., Post Date: March 26, 2018
Cumberland Advisors Market Commentary by Robert Eisenbeis, Ph.D.

Chairman Powell held his first press conference following the FOMC meeting. It was more concise but just as informative as those of his predecessor. As expected, the FOMC raised the target range for the federal funds rate by 25 basis points, and Chairman Powell delivered a message consistent with his recent testimony, reflecting a continuity […]

Banks and April 5

Author: , Post Date: March 20, 2018

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 […]

Market Volatility ETF Portfolios 1Q 2018 Review: Equity Premium

Author: Leo Chen, Ph.D., Post Date: March 19, 2018
Cumberland Advisors Market Commentary - Leo Chen, Ph.D.

The US stock market had a long overdue correction in the first quarter, a response to the concern that the market had become overvalued in the raging post-election bull market. Many sophisticated investors would probably agree that a healthy pullback can propel the market forward in the long run. One of the arguments for that […]

Winners and Losers from Global Trade

Author: David L. Blond, Ph.D, Post Date: March 17, 2018

David L. Blond, Ph.D, has a distinguished career in international economics and particularly on the issues of trade. He is the president of QuERI-International, Washington, D.C. He has assessed President Trump’s Tariff and Trade barrier initiative and has articulated some strong opinions. His views are his. They are worth reading and considering in what is […]

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