Cumberland Advisors

After a two-and-a-half-year wait for “whatever it takes,” the quantitative easing (QE) announced this week by the European Central Bank (ECB) is different from the QE undertaken by the...

Events of the last week, including today at the ECB, should provide valuable lessons for the Federal Reserve as it formulates an exit strategy from its accommodative monetary policy. During the...

“What does U.S. dollar strength mean for U.S. stocks? When companies become large and global, with sales sourced from a broad swath of countries and currencies, they develop natural portfolio...

In the wake of Switzerland’s removing the cap on the Swiss franc’s value against the euro, debt owed by non-Swiss agents has become an emerging issue. That debt, denominated in either...

Switzerland’s abrupt removal of the cap on the Swiss franc’s value against the euro does nothing to alter our outlook for both US interest rates and US stock markets. Subsequent...

What if the Fed doesn’t raise rates at all this year? There’s certainly a good amount of volatility possible with the ECB meeting Jan 22, the Greek election Jan 25, and the FOMC...

Last Friday’s jobs report stood at 252K jobs created for the month of December, closing out a year in which both GDP and employment have improved markedly. The economy produced an average of...

While the market is focusing on the prospects for full-scale quantitative easing in the Eurozone and the continued decline of the euro, there are major European equity markets that do not have the...

Sharply lower oil prices have occasioned a huge discussion about their impact. We see it play out daily in newspapers, on TV and radio, at websites, on blogs, and in market letters. The range of...

A German newspaper reports Mario Draghi’s denial of interest in Italian politics as a major story, which then makes its way to the financial news in the US. Really?First, it is appropriate for...

The main story for MLPs for the fourth quarter was a three-letter word: Oil. Petroleum prices are now down almost 50% from their peak six months ago. That drop has impacted MLP valuations, which do...

Less than two months ago, Oxford Economics modeled sensitivity to the oil price by conducting simulations on 47 countries. Their baseline then was an “$84 Brent crude price average in...

My colleague Matthew McAleer and I have examined a transaction that may have altered the valuations of some of our health-care positions.AbbVie Inc. launched a new drug to treat hepatitis C. The other...

Taxable fixed-income markets continued to perform well for the last quarter of 2014. If one thing remained consistent throughout the year, it was the duration of the unexpected fixed-income rallies....

U.S. markets hit successive new highs in 2014. The economic recovery seems to stay on track while gradually improving and increasing its rate of growth. Labor-force-related problems seem to be healing...

This year international equity markets oscillated between sizable gains and equally sizable losses, with the continuing appreciation of the US Dollar significantly reducing the returns to...