Alhambra Investment Partners, LLC

Standard Chartered (L:STAN) reported a massive yearly loss for 2015, the bank’s first in almost thirty years. The results were so bad that the company has publicly stated it might even...

I wrote last week about the OECD’s sudden alarm over global growth “flatlining” but I think it important and relevant to further emphasize why. If you go back only to June last year,...

It has become cliché that commentary continues toward the increasingly absurd at the expense of the obvious and all because Janet Yellen says there can’t possibly be anything wrong. The...

Markets stabilized some last week, stocks large, small, emerging and foreign finding a bid. Short covering for sure, but maybe some real buying too; there are a lot more cheap stocks around right now...

This past week, the S&P 500 Cap-Weighted Index ((N:IVV)) tested and then broke strong support at the 50 and 200-day moving averages after a remarkable rebound from its crushing meltdown in August...

When Janet Yellen testified to Congress last week, she was as usual careful with her words. Alan Greenspan once called it “mumbling with incoherence” but there is very little left to...

Maybe after a couple generations the Japanese have finally had enough. Perhaps QQE was large enough so as to leave no doubt that not only did it fail, but that it was the same result registered time...

The orthodox intention behind NIRP is that by taxing idle “money” it will make banks put it to use. Setting aside relevant objections about what bank “reserves” actually are,...

Industrial production fell 0.7% in January 2016 which was slightly better than the (revised) -1.9% estimated for December. It was, however, the third consecutive month showing a decline and, more...

You can’t blame the PBOC for trying, as if they were even going to do it, Monday was the day. With the US closed and after the turmoil all over the “dollar” up to last Thursday, the...

Last month when China’s exports “only” declined by 1.7% (revised) the entire orthodox world took it as a definitive signal for the long-awaited monetary stimulus effects. Whether it...

Economic Reports Scorecard Relative to expectations, the incoming reports over the last two weeks have run about even, just about as many better than expected as worse. That’s a significant...

The risk budgets this month are unchanged. For the moderate risk investor, the allocation between risk assets and bonds remains at 40/60 versus the benchmark of 60/40. While the BofA ML High Yield...

Stocks officially entered a bear market last week, at least as measured by the MSCI World index. But then that isn’t exactly news in a lot of places on the globe with various markets around the...

“To him who is in fear, everything rustles.” – SophoclesSmart philosopher, Sophocles and although he wasn’t referring to investors, a better description for today’s...

Oil is at the lowest level relative to gold of the last 30 years, when the Fed data series begin. Deutsche Bank (DE:DBKGn) has calculated the series back to the Civil War. Based on their work, an...