Latest Posts

The Boy in the Bubble

by Zach Marsh on Jun 12, 2020

There was a bumper sticker in the mid-2000’s that read “If you’re not angry you’re not paying attention.” Well, today, I say to you “If you’re not confused, you’re not paying attention.” Whether it is coronavirus, markets, Fed policy, social and civil unrest, tweets, posts, fake news, skewed news, social media, bio-medicine, technology…whatever it is, how do we know what to make of any of it?

Market Update 6/5/2020

by Zach Marsh on Jun 5, 2020

Stock futures begin the weekly trading at 5pm Central time on Sunday evenings. This week, following the protests, looting and general unrest in the country the futures opened lower. Given the state of the economy coming out of the quarantining period, civil unrest seemed like yet another dagger in the back of the economy. However, that drop was extremely short-lived. By the end of trading on Monday the Dow climbed almost 100 points.

A Model for Better Decisions

by Zach Marsh on May 22, 2020

Thomas Hobbes described life as “solitary, poor, nasty, brutish, and short,” but in the spirit of a long holiday weekend I will try to keep today’s newsletter upbeat, light, and short. But Hobbes, like myself, was a bit of a curmudgeon, which is probably why I immediately attached myself to his words when I first encountered them in a university philosophy course. I tend to be pessimistic, assuming the worst from people and from events.

The Season of the Witch

by Zach Marsh on May 8, 2020

I’m really having a hard time letting go of this. I just can’t seem to get my arms around it. I mean our unemployment rate, announced this morning, shows that 14.7% of Americans are now unemployed…and the Nasdaq 100 is up on the year? Even the S&P 500 is now only down 10% on the year. Ten percent? Hell, our unemployment rate just jumped that in one month! What’s ten percent among friends, right?

Don’t Fight the Fed! But Come On, Really?

by Zach Marsh on Apr 10, 2020

The old adage on Wall Street, well “old” is relative going back to maybe Allen Greenspan, is one should never “fight the Federal Reserve.” When the Fed is engaging in monetary easing strategies such as lowering interest rates or, as in the last ten years, outright purchasing of bonds and mortgage backed securities, one would be wise to hop on the Fed’s back and pile into risk-assets.