Cumberland Advisors

We believe MLPs continue to represent value for patient investors seeking income and moderate growth in a tax-advantaged form. The first quarter was still a difficult one for Master Limited...

A Tale Of Two ShocksDuring the first quarter of 2015, US stock markets were buffeted by two substantial shocks. The buffeting continues into the second quarter. The first shock involved the Energy...

Commentators and markets are making lots of noise after the FOMC statement and Chair Yellen’s press conference. Everyone is focused on the idea that a policy move in June is now all but off the...

As markets focused on Chair Janet Yellen and the Federal Reserve’s (Fed’s) removal of the word patient from Wednesday’s statement following the latest FOMC meeting, Sveriges Riksbank...

The global economy has been experiencing very substantial moves in exchange rates. The likely effects of these changes in the relative value of national currencies on the respective economies are an...

We open this commentary by trying to simplify a very complex trade.Think of yourself as the corporate treasurer of a midsized American company. You have your basic business activities in the United...

Almost fifteen years ago, on April 1, 2000, we wrote and published a piece entitled “Will the NASDAQ sell-off become a crash?”In preparing that piece we evaluated the stock market and made...

Act 1 of the Greek tragedy came to an end this week with Greece obtaining an interim four-month financing agreement in exchange for a lengthy but somewhat vague list of reform commitments. After...

“4Q14 Energy Sector Earnings Growth Estimates (YOY) Blended Earnings Actual and Estimates -22% as of 2/24/15”—(Fundstrat) “The magnitude and speed of the collapse in oil has...

Careful reading of the FOMC minutes provides interesting insights as to the dilemma and the uncertainties policy makers face as they struggle with both interpreting the path that the economy has been...

Years ago, Catherine Mann (Brandeis, OECD, GIC board) set out an articulate thesis about interdependencies, both negative and positive. She used the metaphor of the alcoholic and the liquor store.The...

I. Goodhart’s Law “When a measure becomes a target, it ceases to be a good measure.” – Charles Goodhart When it was first introduced in 1975, Goodhart’s Law focused...

Financial markets let out a sigh of relief when they learned that the new Greek leftist government led by Prime Minister Alexis Tsipras has put aside its earlier demands that a large share of its debt...

Over the years we have posted an aggregate central bank balance sheet chart on our website. The current chart includes only three central banks: the European Central Bank (ECB), the Federal Reserve...

Last Monday the Federal Reserve released a little-noticed 58-page report entitled “Strategies for Improving the U.S. Payment System.” The study outlines the Fed’s proposal to address...

1. the quality of being patient, as the bearing of provocation, annoyance, misfortune, or pain, without complaint, loss of temper, irritation, or the like. 2. an ability or willingness to suppress...