Published May 15, 2026
For many investors, the recent bout of inflation is their first experience with the stubborn beast. The United States has been fortunate over the past three years that a booming AI trade has more than neutralized the negative stock market effects of inflation. (more…)
Published September 9, 2022
As stocks continue wrestling with many competing narratives, here is Delta’s summary of where things stand.
“The re-re-re-adjustment of interest rate expectations higher following Fed Chairman Powell’s Jackson Hole speech two weeks ago triggered a significant selloff in stocks. Then the news deteriorated further. (more…)
Published June 18, 2021
This year’s stock market has been all about rotation with money moving into value stocks and out of growth stocks. The narrative has been that rising inflation would push up interest rates. The hike in rates in turn raises the denominator of the classic stock price valuation (e.g. earnings/interest rates) which devalues high-flying growth stocks. The beneficiaries of this narrative have been cyclical sectors like materials, industrials, and energy. This week that narrative took a beating. (more…)