The US economy keeps surprising to the upside, forcing economists and the Fed to catch up. Commentary from Fed officials has shifted to favoring rate cuts later rather than sooner, meaning policy rates will...

On a day-to-day basis, one could be forgiven for thinking that all that matters to stock and bond investors is the precise path of future Federal Reserve rate policy. The Fed gets a HUGE...

A key differentiating element of Mill Street’s research is the intersection of “top-down” and “bottom-up” inputs to asset allocation decisions. That is, a lot of strategists and researchers focus mostly on top-down indicators like...

One of the big questions every investor has to wrestle with in some way or another is whether their own expectations differ meaningfully from what the “market” (investors in aggregate) expect. Only when results...

Based on commentary I hear and read, and questions I get asked, I thought it might be helpful to address two common “myths”, i.e., stylized assumptions or worries about the current US market and...

Staying in line with the trend in markets has long been shown to be useful for allocation and risk control, which is why we include trend-oriented indicators in the Global Equity Risk Model we...