Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer

Einhorn’s Epiphany

What begets that pessimism, I don’t claim to know. But, when we do see it, be prepared. The greatest traders in the world can’t pick bottoms or tops. They buy the speculation and greed phases of bull markets for sure, but they take profits, and they buy some protection along the way.

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Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer

The Disillusion of the Grindstone

A new study from the St. Louis Fed informs us that the many Americans are choosing to work less following the pandemic. This is a paradigm shift that could have a significant impact on our economy. In The Disillusion of the Grindstone, Tim explores this research and what it means for labor moving forward.

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Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer

336k jobs With Positive Revisions?

We have been saying for a while that inexorably high energy prices are part of “The Secular Drivers of Inflation.” The article excerpted below from today’s WSJ affirms our view. The point is simple. US Oil companies aren’t going to use excess cash to drill more because their investors want the cash returned to them. That isn’t going to change, not in the face of the energy transition. The unprecedented pricing power of the Saudi’s exists not because there isn’t spare US capacity, but because there isn’t really cheap spare capacity.

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Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer

OIL

We have been saying for a while that inexorably high energy prices are part of “The Secular Drivers of Inflation.” The article excerpted below from today’s WSJ affirms our view. The point is simple. US Oil companies aren’t going to use excess cash to drill more because their investors want the cash returned to them. That isn’t going to change, not in the face of the energy transition. The unprecedented pricing power of the Saudi’s exists not because there isn’t spare US capacity, but because there isn’t really cheap spare capacity.

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Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer Economic Updates, Advisor Training, Bull and Bear Tim Pierotti, Chief Investment Officer

Upside breakout but not in a good way

Equity futures are under pressure following yesterday’s Fed meeting. My view is that the reason for the weakness in futures this morning has more to do with the upside breakout of the Ten-Year Treasury versus anything the Chairman said at his press conference.

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