David Kotok | TalkMarkets | Page 7
Chairman and CIO, Cumberland Advisors
Contributor's Links: Cumberland Advisors
David R. Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts ...more

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The January 2019 Fed Minutes
Attention has turned to what extra gems of information might be contained in the release of the FOMC’s January 2019 minutes about the future path of policy.
The SALT (State And Local Taxes) Conundrum
SALT has increased demand for bonds in high-tax states, put a higher penalty on out-of-state bonds in high-tax states, and hurt revenue collections as some taxpayers move to lower-tax states.
Gold
Apparently, gold purchases are driven more by central bank policy than by economic factors per se. Gold can, however, be a geopolitical force.
Tax The Rich
The top 1% had 20.65% of AGI and paid nearly 40% of the taxes.
European Growth Concerns Deepen
The latest economic indicators reveal that the economic slowdown in Europe persists. Political uncertainties add to the headwinds affecting investor sentiment.
Shutdown And Markets
The stock market is ignoring the shutdown. The bond market is, too. So, too, are commodities, currencies, precious metals, fine art, and other collectibles, sovereign debt, and many other asset classes.
China Slowdown And Financial Markets
While many economists cautioned that a major slowdown in China was not likely, much less a recession, investor, domestic consumer, and business sentiment have all clearly worsened.
Trade Wars And Government Shutdowns Can Be Fishy Business
Trade resolutions could put significant wind back into the sails of a stock market that has seen a nasty selloff in recent weeks.
4Q2018 Review: Puerto Rico Insured Bond
It has been a busy quarter for the Commonwealth of Puerto Rico.
Total Return Taxable Fixed Income: 4Q 2018 Review
After a poor start to the quarter, the Treasury market rebounded nicely over the month of December, providing positive performance across the Treasury curve as the equity market suffered from negative sentiment.
Week In Review (Dec 24, 2018 – Dec 30, 2018)
Volatility! And a great month for bonds. What numbers indicate panic? Is the economy slowing or bringing with it a downside? Or are we just in a skirmish? Matt McAleer explains...
4Q2018 Review: Munis Turn It Around
Muni yields rose in the first six weeks of this quarter – mostly in sympathy with US Treasuries. Since early November, AAA muni yields (AAA) have dropped across the board.
Yogi Berra, The Fed’s Balance Sheet, And Liquidity
What are the essential mechanics of Federal Reserve asset purchases, and how might they affect liquidity in the market?
Market Backlash
A patient FOMC could reasonably wait to make its first rate move in 2019 until its July meeting.
4Q 2018 Review: Market Volatility
From the trade war to the Fed, the fourth quarter of 2018 has been full of uncertainty, which is markets’ least favorite scenario.
The Global Economy Moderation & International Equity Markets
As 2018 draws to a close, economic growth in almost all economies, including that of the US, is moderating but is still expansionary and in most cases remains above long-term trends.
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