Published August 8, 2025
Our friends at Delta Research posted an amazing chart this week showing that huge AI spending by companies has contributed more to economic growth this quarter than falling consumer spending. We wouldn’t expect that to be sustainable. The question is whether consumer spending rebounds or not. (more…)
Published August 25, 2023
As summer winds down, we have seen August play out in its usual way so far – weak. Here with more comment on recent market moves is Delta Research:
“In the past three months, the 10-year US treasury rate climbed by more than 15%. The sharp move higher during the month of August took the 10-year rate to the highest level its been since November 2007. As treasuries moved higher in August, stocks traded lower. The S&P 500 declined from August 1 to the Friday low of last week by 5.5% and the NASDAQ 100 was down 6.7%. (more…)
Published April 16, 2021
A couple of investment stories have piqued our interest recently. We wanted to comment on them to perhaps provide some perspective on these events.
We know that cheap money, while generally good for jumpstarting the economy, eventually breeds all kinds of excesses. Often those excesses show up as one-off, seemingly random events which, when taken together, form a picture of a more serious issue. Such was the case in the summer of 2007 as two hedge funds at investment bank Bear Stearns were suddenly shut down. (more…)