Taxes/Fiscal Policy

Monthly Macro Monitor – August 2020

By |2020-08-20T15:33:20-04:00August 20th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

One of the advantages we enjoy here at Alhambra is the opportunity to interact with a lot of investors. We talk to hundreds of individual investors on a monthly basis, giving us a front-row seat to everyone’s fear and greed. Economic data tells us about the past, which isn’t particularly useful for investors focused on the future. Sentiment, though, is [...]

A Tactical Update: Whither Goest The Dollar

By |2020-07-27T16:17:46-04:00July 27th, 2020|Alhambra Portfolios, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Our Fortress strategic asset allocation includes 5 distinct asset classes: The Fortress allocation has historically produced better risk-adjusted returns than the traditional 60% stocks/40% bonds allocation. The bond allocation is varied to adjust the risk of the portfolio. A Fortress allocation with 20% bonds has produced a higher return with lower standard deviation (volatility) than the 60/40 portfolio. In a [...]

Monthly Macro Monitor – June 2020

By |2020-06-17T10:47:36-04:00June 17th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

The stock market has recovered most of its losses from the March COVID-19 induced sell-off and the enthusiasm with which stocks are being bought – and sold but mostly bought – could lead one to believe that the crisis is over, that the economy has completely or nearly completely recovered. Unfortunately, other markets do not support that notion nor does [...]

Beware of Accepted Wisdom

By |2020-05-26T13:04:47-04:00May 26th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Most everyone has heard of the Chinese proverb – or curse – that wishes one to live in “interesting times”. You’ve probably also heard that in Chinese the word “crisis” is composed of two symbols, one that denotes “danger” and another that means “opportunity”. Well we certainly live in interesting times and there is indeed a crisis. We won’t know [...]

Market vs Economy: A Time Mismatch

By |2020-05-18T17:23:53-04:00May 18th, 2020|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

“Intelligence is the ability to adapt to change.” Stephen Hawking ? The economic news over the last month has been as awful as anyone alive has ever seen. Unemployment has risen from 3.5% to 14.7% since February with nearly 15 million Americans filing for jobless benefits in the last month alone. The CFNAI hit its third-worst reading ever and that [...]

Like-Kind Exchange Deadline Extensions – IRS Notice 2020-23 Violates The Inviolate

By |2020-05-06T09:06:18-04:00May 6th, 2020|Estate Planning, Financial Planning, Retirement, Taxes/Fiscal Policy|

By Rafael A. Perez, Esq., Partner at McArdle, Perez & Franco P.L. and Chief Compliance Officer at Alhambra Investments ? Introduction: Over the past several decades of practicing real estate law I have had many clients, both domestic and foreign, ask me to apply for an extension of a like-kind exchange deadline. My response has always been that this is [...]

Do We Need A “New” Capitalism?

By |2020-04-30T08:34:36-04:00April 30th, 2020|Alhambra Research, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Taxes/Fiscal Policy|

Everyone, or at least all the right-thinking people, believes that capitalism needs to be reformed. Elizabeth Warren calls her version Accountable Capitalism. Marco Rubio dusted off an 1891 speech by Pope Leo to advocate what he calls Common Good Capitalism. Both are attempts to correct what these lawyers see as flaws in the current incarnation of economic organization that is [...]

The Long-Term Implications of COVID-19

By |2020-04-15T16:33:43-04:00April 13th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

With volatility in the stock market ebbing somewhat or at least going in a more comfortable direction – 1000 point up-days feel a lot better than 1000 point down-days – it seems a good time to start pondering the long-term implications of the virus and shutdown. All of us have been so focused on the short term – is this [...]

A Marathon, Not A Sprint

By |2020-03-30T09:20:12-04:00March 30th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Financial Planning, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Stocks rose last week, a breathtaking, nearly 20% run off the recent lows before a pullback Friday trimmed the gain for the week to about 11%. That was certainly helpful but investors would be well-advised not to get too excited. This is what bear market rallies look like. They come out of nowhere, they run much further than anyone thinks [...]

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