Moving to the Next Phase on the Road to Recovery

The US economy has made impressive progress in recent weeks. As the economy re-opens, the way we assess the recovery has changed. In March and April, we were looking for evidence that growth in COVID-19 cases was decelerating—which thankfully it did—along with evidence that a recession was priced into stocks and that stimulus measures were sufficient to get us through the crisis. We used our Road to Recovery Playbook, shown below, to help us determine how the market was progressing in its bottoming process. Read more

Retail Sales Beat Shows Consumers Coming Back Strong

COVID-19 has decimated global demand as lockdowns materially re-shaped consumer and business behavior. Even as states have begun to re-open, significant questions remain about how demand could recover. The May retail sales print provided one of the first glimpses of that answer, rising 17.7% month over month and marking the largest monthly gain since data began in 1992. Read more

Breathe for Your Life Health and Well Being

Breath is life. Life is breath. The yoga sages of India have embraced this link for centuries, where conscious breathing has long been an integral part of daily life. More recently, Western researchers have also begun to acknowledge the importance of the breath. As data accumulates, they are beginning to acknowledge that perhaps breathing is a far more important metabolic process than previously believed. Read more

A Business By Any Other Name…May Be A Hobby

Mike Harris is the proud owner of a deep-sea fishing boat. Although fishing for tuna and swordfish isn’t his primary line of work, he takes the “Mariner’s Mermaid” out most weekends and often sells his catch. Although Mike considers fishing a sidelineoccupation, the Internal Revenue Service (IRS) may or may not agree with him. What Mike considers a bona fide business, the IRS may judge a hobby. Read more