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While the quarterly FOMC meeting undoubtedly deserves attention, we suspect that investors are missing the forest for the trees. As long as I have been working in this industry, the Fed has generally always been behind the curve (i.e. they are a lagging indicator). The big picture trends that are impacting risk assets have been brewing for some time. Let’s review a few of them. Inflation is rising and the trend in US rates is higher (mainly because the US economy is getting s

In the late ’90s, investors believed the internet sector was going to change the world. In turn, investors paid extremely high valuations for these companies, and the returns were spectacular for those that were invested. I remember vividly investors arguing that “this time was different” for the internet sector. In 2017, many investors claimed that cryptocurrency, ICOs and blockchain stocks were going to revolutionize the world. Many investors pleaded that these coins were g