Material and commentaries published in the past may or may not be helpful in analyzing current economic or financial market activity. Please note publishing date when reviewing materials.  Please email [email protected] for our current thoughts or to reach an advisor.

 

Market Commentary

Insights

Cumberland Advisors Market Commentary offers insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies. Our readers appreciate its timeliness, depth of analysis, and quality of research.

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  • Q3 2018 Municipal Credit Commentary
     Author(s): Patricia Healy, CFA | Sat September 29, 2018



    Updates, budgets, potential future stresses, state ratings, default study, and last but not least, storms


  • Trump Trade War & The Keystone Kops
     Author(s): David R. Kotok | Thu September 27, 2018




  • The Tale of Two Ratios: Shorter and Longer
     Author(s): John R. Mousseau, CFA | Thu September 27, 2018



    In a year when we have seen commentators talking about the relative flatness of yield curves, we have a conundrum when we look at the US Treasury yield curve and the US muni yield curve (shown here as the Bloomberg AA general obligation yield curve).

    Curve 1 below is from the…


  • Donor-Advised Funds (DAFs): Warehouses of Charitable Dollars or a Democratic Vehicle for Philanthropy?
     Author(s): Gabriel Hament | Wed September 26, 2018



    The long-standing debate surrounding the lightly regulated world of donor-advised funds has been gaining traction on the pages of the Nonprofit Quarterly (NPQ).[1]


  • Eurozone Economy’s Expansion Ongoing and Broad-Based, Downside Risks Worrying
     Author(s): Bill Witherell, Ph.D. | Tue September 25, 2018



    The European Central Bank (ECB) left its monetary policy stance unchanged at its September 13 meeting. Net asset purchases will end in December, but with the Bank’s maintaining its stock of assets, the reinvestment of redemptions will maintain substantial stimulus. No increase in policy interest…


  • Market Volatility ETF Portfolio 3Q 2018 Review
     Author(s): Leo Chen, Ph.D. | Sat September 22, 2018



    The US equity market has had a strong third quarter this year. Our quantitative strategy benefited from the market rebound in July and August and took profits off the table at the end of last month. We have been sitting in all cash and waiting for the next entry signal since we exited near the…


  • US ETF Q3 2018 Review
     Author(s): David R. Kotok | Fri September 21, 2018



    Third-quarter US stock markets have faced a formidable array of media distractions, ranging from hurricanes to Trump tweets to SCOTUS scuffles – and on and on.


  • The Rise of Municipal Separately Managed Accounts 2018 Update
     Author(s): Patricia Healy, CFA | Wed September 19, 2018



    Cumberland has utilized separately managed accounts to execute its fixed-income strategy since its inception in 1973, long before separately managed accounts (SMAs) were popularized in the early 2000s.


  • Yield Curve?
     Author(s): David R. Kotok | Wed September 19, 2018



    A while ago we wrote about a one-time tax-code change and why it might be causing the yield curve to flatten. Here is that commentary: “Why the Yield Curve Is Flat & Why It May Steepen” (https://www.cumber.com/why-the-yield-curve-is-flat-why-it-may-steepen/).


  • Florida’s Red Tide: Possible causes, Who’s to blame?
     Author(s): John R. Mousseau, CFA | Sun September 16, 2018



    Jim Roemer (A.K.A. Dr. Weather) has been forecasting for the commodity and ski industry for over 30 years . He splits his time between Sarasota, Florida and Vermont, and has a deep passion and concern about the environment and climate. We found his work titled, "Florida’s Red Tide: Possible…


 

 

"The mind is not a vessel to be filled but a fire to be kindled."

Plutarch