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Capital Market Outlook

May 8, 2023


  • Macro Strategy — A War-like Policy Response from a Unified Federal Reserve and Treasury: Parallels between WWII and Coronavirus Eras: Both eras have been characterized by an interventionist Federal Reserve which facilitated high nominal gross domestic product growth and eventually very high inflation.
  • Market View — Portfolio Construction for Turbulent Times: Think Hard Hats, Hard Assets and Hard Power: While investors remain guarded and cautious near term for numerous reasons, investors should recognize and position for the coming multiyear boom in U.S infrastructure.
  • Thought of the Week — SPACs: Proof That Fads Fade: In our view, the swift rise and fall of special purpose acquisition companies emphasizes the importance of staying true to a carefully crafted long-term investing plan.

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