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The Monthly February 2024
The November-December affect, Price to book ratios, Crypto, Bitcoin, Bank of Japan, Warren Buffett, Behavioral investing
Alternative Quarterly Commentary – Q4 2023
During the fourth quarter of 2023, the MacNicol Investment Team continued to observe a widening gap between the inflation expectations of market participants and both voting and non-voting central bank officials. Catalyzing our concerns that financial markets may have “jumped to conclusions” when it comes to interest rates and a labor market that stands 200 basis points below its long-term (ex-COVID) average and fiscal profligacy that underpins a situation where government spending is leading to unsustainable levels of debt and deficit.
The Q4 Commentary 2023
U.S. deficit, economic data, Job openings, Crypto, Bitcoin, SEC and Bitcoin, Behavioral investing.
December Monthly Commentary
In terms of the labor market, job creation has been weak, and vacancies declined further. This led to a slight uptick in the unemployment rate even as wages are still rising by about 4%. More visible job actions at the Canadian banks and other larger companies offer a slanted view on labor as they gain a disproportionate amount of attention from the media.
November Monthly Commentary
The King of all astrological signs (is a Portfolio Manager) …
Alt Trust Q3 Press Release
The MacNicol Alternative Asset Trust earned a 1.4% investment return, net of fees, for the quarter ending September 30, 2023. The investment environment was defined by persistent inflation, resilient economic data, and rising interest rates across the United States and Canada. The fund was mainly higher due to strong private real estate and hedge fund returns. During the third quarter, the Trust realized two notable exit transactions, and made a number of new investments.
The Q3 Commentary 2023
Lead times, lag times, interest rates, Tesla, Business cycles, credit spreads.
The Monthly – September 2023
Septembers have traditionally received failing grades when it comes to their performance in the stock market. June and October are slackers too, but their failings somehow tend to be issued a passing grade by most investors.
The Monthly – August 2023
2022 saw most balanced investors schooled in the main constituents of a balanced portfolio (stocks and bonds). Even educated investors had to quickly remind themselves that fixed income securities can lose value and that stocks aren’t the only asset class that can fluctuate every now and again.
