Financial Markets


Global Portfolio Strategy

Fourth Quarter 2020

​A Collision of

Sentiment & Value


All asset are overvalue. For value follow the cash flows. Managing risk is paramount.

  • Growth vs. Politics

    Equity risk is rising as politics is trumping a slowing global economy.

  • Elevating risk.

    Politics and time

    are conspiring to force the Fed to lower interest rates.

  • Tight and Loose.

    The US economy is buoyed by the consumer while manufacturing bares the burden of the trade wars.

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