Cumberland Advisors

First, let’s thank John Mauldin for his gracious comments this week in his Thoughts from the Frontline newsletter. John described our recent gathering at Leen’s Lodge in Grand Lake Stream,...

It has been a busy two weeks. The Leen’s Lodge gathering added an intense interlude of high-powered conversation and analysis. The Yellen-Summers headlines now have two added mystery names per...

The Bank of Japan (BOJ) met analysts’ expectations today by making no changes in monetary policy. It will continue its aggressive quantitative easing policy of increasing the monetary base at an...

Monday’s WSJ published a purported research piece assessing the forecast accuracy of FOMC participants. Unfortunately, the work is fatally flawed from a design and conceptual perspective for...

Last week we reduced our energy exposure to underweight. It had been overweight for a while, and we successfully participated in the rebound in natural gas prices and the narrowing of the spread...

As a follow-up to the Detroit-Muni Bond series we have published, here are additional views: 1. John Ruiz of Morgan Stanley Matrix offers this: "Note to cross-over buyers: if you see Meredith Whitney...

In our recent commentary on municipal bonds and Detroit, we argued in favor of buying the highest-grade AAA tax-free municipal bond It currently yields more than the corresponding taxable US Treasury...

Japanese Prime Minister Shinzo Abe received a vote of confidence for his growth and reform agenda Sunday as his Liberal Democratic Party and its small coalition partner won a landslide victory in the...

We thank Michael Wilson of Morgan Stanley Wealth Management and FactSet Research Systems for a compilation of returns. Michael’s commentary in July talked about how “There was no place to...

Long awaited and now finally arrived, Detroit’s bankruptcy was expected and priced into markets. Some Detroit debt had been trading down to 30 cents on a dollar prior to the announcement. ...

We thank readers for their emails and questions following our original report from Jackson Hole. Let’s use a metaphor and advance the discussion with this commentary. On the Jewish holiday of...

At Jackson Hole this past week, Federal Reserve Bank of St. Louis President James Bullard presented a slide demonstrating that in a previous round of QE policy the inflation rate rose near the 2%...

The central banks of the world have now aligned. The Bank of England has launched a "forward guidance" approach and committed itself to very low short-term interest rates for an extended period of...

Notwithstanding the rockiness of the last six weeks, U.S. stock markets have had a very good first half in 2013. Drilling into the market is revealing. S&P 500The S&P 500 Index, represented by...

A year of incompetent and divisive government under President Mohamed Morsi and his backers, the Muslim Brotherhood, has led to massive and increasingly violent protests calling for the...

The market turmoil that followed the last FOMC meeting suggests it may be time for a primer on the relationships among the Federal Reserve’s asset purchase program, its Federal Funds rate target...