Throughout the month of May, tensions escalated between China and the United States regarding trade between the two global economic superpowers. After negotiations broke down early in the month, President Trump announced that the U.S. would be raising tariffs from 10% to 25% on $200...
On Friday, March 22, 2019, the yield curve inverted when the yield on 3-month U.S. T-bills exceeded the yield on 10-year U.S. Treasury notes by 2.2 bps at the end of the trading day. As we noted in two of our 2018 quarterly letters, we...
In our Delegate Advisors Asset Class Indicators for the first quarter of 2019, we raised our outlook for emerging market equities from underweight to neutral-to-overweight, reflecting what we believe to be an attractive long-term opportunity. The shift in outlook is based primarily on the current...