All data last week provided upside surprises, a rare event over these past few months when the overwhelming dynamic was the economy’s adjustment to the overhang of excess inventory. The data not only suggest an turning point but also support the notion that the weakest quarter in the cycle was Q2.
Introduction We are pleased to introduce our weekly email, the Friday Brief. It pulls together many of the numerous strands we’re following to try to make some sense of this unique time in history. The old economy, the new economy, the markets, the Federal Reserve, the politics, all interact to shape this economy of ours. Understanding their implications forms the art and science of investing. In the Friday Brief we will share some of the news and events that shape our investment decisions as well as the rationale for recent buy and sell decisions. This letter is unusually long because