Commentary

Each month, the BCWM Portfolio Management team publishes an Investment Commentary that examines the latest developments in financial markets and the economy. We filter out the noise and present the information most relevant to our investment strategies and management of our clients’ portfolios.

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Emerge, Make Noise, and Die

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This year is witnessing the emergence of two massive broods of cicadas (pronounced sә-kādә): Brood XIX and Brood XIII. These cicada populations stay underground for 13 and 17 years, respectively, and live off the sap of tree roots. Then they come out for six weeks to make a lot of noise, mate, and die while…
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I’ll Be Back

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Forty years ago, Arnold Schwarzenegger starred in “The Terminator,” a movie about a cybernetic assassin who travels back in time to kill a woman whose son (yet to be born) will save the world from extinction . . . extinction from an Artificial Intelligence in a “post-apocalyptic world.” What’s interesting (and a tad bit scary)…
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Lost Decades and Late Payments

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Happy Leap Day, everyone! Unfortunately, if you’re a salaried employee, you are working for free today. But we also have good news to deliver. This morning, it was announced that the Federal Reserve’s preferred inflation gauge continued its decline in January, clocking in at 2.8%. Woohoo!     The Japanese stock market (the Nikkei 225…
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Election Anxiety? Over-Rated.

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Ron DeSantis finally threw in the towel this week, leaving Nikki Haley as the lone Republican candidate who hasn’t yet figured out that she has no chance against Donald Trump.   Trump had a landslide victory in the Iowa caucus and he didn’t even campaign! He was busy defending himself in the New York courts…
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Dollarization

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At the risk of being repetitive and potentially boring, we find it necessary to point out that inflation managed to find a new recent low. The annual inflation rate at the end of October came in at 3.2%, and the rate for the month of October (drum roll) was zero percent(!). That’s right, for one…
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