We argue that the Global Minimum Tax and the Buy American Industrial Policy appear to contradict each other. The contradiction is as follows:  On the one hand the Biden...

With greater than 60 days of 1% declines in the S&P 500, 2022 was truly a year of heartache for investors who had become increasingly comfortable with an ongoing love affair...

2022 was a “black swan” event for the 60/40 strategy. Negative correlation between stocks and bonds is ideal, but not the only scenario where the 60/40 provides diversification benefit.

During her campaign to become Prime Minister, Liz Truss drew a lot of comparisons to Margaret Thatcher as she promised to pursue economic policies that went beyond the elimination...

It goes without saying that the past several years have been momentous in many respects, including in the realms of economics and investment markets.  Well before COVID and the...

We have argued that inflation is a monetary phenomenon and thus we need to focus on the monetary aggregates in order to get a handle on the inflation rate. Since the Fed plays a...

Well, that was not fun. The second quarter of 2022 proved to be a much more difficult investing environment than we had initially anticipated. Inflation which we believed would...

Markets contended with a trifecta of economic and geo-political worries this past quarter which created a very challenging environment for investors. A continued spike in...

It goes without saying that the military conflict in the Ukraine over the past two weeks is very disconcerting and has caused great anxiety and worry to us all. The conflict...

President Biden’s approval rating below 40% makes us wonder if he will pursue greater bipartisanship if the Democrats lose the mid term elections. Of course, this decision could have ramifications for the 2024 Presidential election.

Despite lingering concerns and anxiety regarding the Delta and Omicron variants of COVID-19, a multitude of supply disruptions and meaningfully rising inflationary pressures, the...

The following is an excerpt from a longer article published by Victor Canto, PhD, who serves as an economic consultant to TPCM. To inquire about the full article please visit...

Investors love passion and conviction. “I saw an analyst on CNBC the other day. She loves Tesla. She’s all in.” “My hedge fund manager is so confident on Bitcoin, he’s taken a 25%...

We’d like to thank our summer analyst interns, Max Persico, John Schreiber and John Hufnagel for all their help this summer and putting this important research piece together for...

As often is the case, the equity market overcame a litany of worries this past quarter as many of the more macroeconomic and policy-oriented concerns quickly dissipated and...