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Strategies for Tomorrow

Written by Michael Lebowitz | Feb, 14, 2018

Most investors, knowingly or not, rely on long-only, passive strategies. They may shift holdings between stocks, bonds, and cash at various intervals, but generally, their portfolio returns mimic those of…

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Will The “Real” Real GDP Please Stand Up?

Written by Michael Lebowitz | Feb, 9, 2018

Last Friday, Gross Domestic Product (GDP or the domestic economic growth rate) for the fourth quarter of 2017 was released. Despite being 0.3% short of expectations at 2.6% annual growth,…

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Peak Hubris

Written by Michael Lebowitz | Feb, 7, 2018

In the past month, two well-known and highly respected money managers have made confident assertions about the markets. Their comments would lead one to believe that the future path of…

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The Next Maestro

Written by Michael Lebowitz | Jan, 31, 2018

The following article emphasizes that the perceived economic prosperity of recent decades is largely the result of political expediency. Those in charge of monetary policy have repetitively failed to act…

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A Market Valuation That Defies Comparison

Written by Michael Lebowitz | Jan, 24, 2018

Comparing current equity valuations to prior valuation peaks such as those of 2008, 1999 or any other period is commonplace, but remains an essential way of assessing current market prospects…

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Second To None – A Primer

Written by Michael Lebowitz | Jan, 19, 2018

“Today’s equity market valuations have only been eclipsed by those of 1929, and 1999.” In March of 2017, we examined traditional equity valuations in a new light to help better…

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For Your Consideration

Written by Michael Lebowitz | Jan, 17, 2018

Consider the following: The current U.S. economic expansion has lasted 103 months and counting. Based on data since 1945 covering 11 business cycles, the average is 58 months and the…

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The Only Benchmark of Wealth

Written by Michael Lebowitz | Jan, 10, 2018

The New England Patriots are the winningest professional football team of the new millennia. While we could post a long list of reasons for their success, there is one that…

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Investment Outlook 2018

Written by Michael Lebowitz | Jan, 3, 2018

The following outlook provides our investment thoughts for the coming year. We did not include specific recommended asset allocation weightings for the major asset classes, as they will be part…

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