Alhambra Investment Partners, LLC

November 2008 was an extremely busy month for authorities in the U.S. The financial markets had just undergone panic the month before, but rather than dissipate there were lingering indications that...

Snap (NYSE:SNAP), a company that describes itself as a camera company yet makes no cameras, went public last week at a valuation of $24 billion. The company is growing fast, revenue is up from $58...

Germany is notoriously fickle when it comes to money, speaking as much of discipline in economy or industry as central banking. If ever there is disagreement about monetary arrangements, surely the...

On February 23, the equivalent yield for the us4w was just 39 bps. That was almost 11 bps (counting full pips) below the so-called money rate floor, to which T-bills are a near enough equivalent to...

As oil prices remain as they are in relation to where they were one year ago, measured inflation rates have come back up, some faster than others. This does mimic the real world situation where...

The greatest mistake any statistician can make is to confuse correlation for causation. It is quite natural to do so, of course, a limitation not limited to modern society where information can at...

Target (NYSE:TGT) announced both bad results as well as distressing guidance. The retail giant has been under pressure, and its quarterly update for its Q4 only confirmed the concerns. The company...

Ross Perot famously declared the “giant sucking sound” in the 1992 Presidential campaign. The debate over NAFTA did not end with George H. W. Bush’s defeat, as it simmered in one...

Though we may think of modern economies as being modern and perhaps disassociated with some of the more primitive aspects of the past, there remain to this day seasonal fractures in economy and...

I have no idea if Sir John Bond, former head of HSBC (NYSE:HSBC), is or was superstitious, but if he wasn’t maybe it would have helped the bank if had been. In November 2002, the British bank...

Is Mexico about to go down the same road as China, Brazil, and so many others have the past few years? The more interesting question may be what took so long, if they are. Mexico’s central bank...

The hedge fund industry is not quite dead yet, meaning that it can still cause a great deal of disruption before it expires. It is here where things like rehypothecation and the bastardization of...

It is largely irrelevant, but still the political theater is fascinating. As is now standard operating procedure, whatever comes out of the Trump administration immediately is conferred as the...

My colleague Joe Calhoun likes to remind me that markets and fundamentals only sound like they should be related, an observation that is a correct one on so many different levels. Stock prices, in...

Right now there are two conventional propositions behind the “reflation” trade, and in many ways both are highly related if not fully intertwined. The first is that interest rates have...

There are actually two parts to examining the orthodox treatment of the output gap. The first is the review, looking backward to trace how we got to this state. The second is looking forward trying to...