In a world where the ten year Treasury note yields 0.6% it is hard to remember the time of decent fixed income yields.  Who would have thought we’d look back at the previous decade of low interest rates and think “those were the good old days.” Turns out, yield is as hard to come by...Read More

This is the way the expansion ends, “not with a bang but a whimper.”[1] Though T.S. Eliot’s oft-quoted poem isn’t actually about our economic expansion, its final line does ring true in this case.  As we mentioned in our last letter, this interest rate cycle has been a wimp itself, so it is no surprise we...Read More

Thirteen has always been an evocative number.  To this day, an estimated 85% of tall buildings don’t label the 13th floor as such, to prevent problems with superstitions or luck.  And now we find ourselves, thirteen years out from the last time the Treasury yield curve inverted, back in the same position.   Prior to...Read More