Chart of the Week
Gold has been around for thousands of years as a unit of exchange. In modern times, it performs well during uncertainty. When unexpected inflation or deflation surprises market participants, gold flourishes. After nearly a decade of lost returns since 2011, gold’s price finally made new highs in 2020 and this month eclipsed those levels this. It serves as a nice diversifier for portfolios given its lack of correlation to stocks and bonds. Over the long-term, the S&P 500 Index outperformed gold since 1973 with 6 times the total return.
What We’re Reading
What Makes You Happy – Morgan Housel
Are Private Equity Valuations Too High? – Step Stone
As Inflation Slows, It Is Time To Reconsider Those I-Bonds – FA Magazine
The Nuts and Bolts of Private Commercial Real Estate (CRE) Investing – CFA Institute
Podcast of the Week
How Negativity from the Media Preys on our Human Instincts – The David McWilliams Podcast
Last Week
Headline inflation data came in low last week, with a year-over-year change of up 5.0%. Initial jobless claims perked higher as economists begin to see a jobs slowdown. Retail sales disappointed to the downside, the biggest drops coming from gas stations, general merchandise stores, and autos.
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The Week Ahead
On Monday morning, we received good data from surveys by the New York Fed on manufacturers and the National Association of Homebuilders. Later in the week we will see how the Philly Fed Business Index looks, along with the Purchasing Manufacturing Indices from S&P.
Thank you for reading.
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