Full Employment: Are We There Yet?

  A recent Pew Research Center poll showed that only about 19% of Americans trust their government. This is a historically low level for the measure, which shockingly at one point in the 1950s actually reached the 70% range. There are undoubtedly a myriad of...

Are We in a Lower Return Environment?

In recent meetings with clients, we have often presented a graphic that shows the average annual returns of the U.S. stock and bond markets from 1986 to today. Why that particular 30-year time period? Because it almost exactly corresponds to my career in the...

Behind the Global Growth Slowdown

As we have been discussing with clients and writing in our newsletters, the global growth rates that the markets have been “baking in” are somewhat optimistic. Earlier this year, stock market valuations in the US were projecting we would reach a 3% GDP...