Joseph Calhoun

Joseph Calhoun is the President of Alhambra Investments

Author Archive

  • Jun 6, 2023
    The stock market surged last Friday after the employment report showed a gain of over 300k jobs while the year-over-year change in average hourly earnings fell to 4.3%. That was the...
  • May 31, 2023
    Every time we hear, watch, or read the news, we are reminded that liberty is a rare commodity in this world. - Ronald Reagan It is foolish and wrong to mourn the men who died. Rather...
  • May 23, 2023
    Should investors be worried about the impending breach of the US debt ceiling? A default would be catastrophic according to numerous news articles I've read recently. Well, to be...
  • May 16, 2023
    What is long term? That's a question with many answers depending on your point of view. Some people might think a year is long term. I had a client tell me once that he was so old he...
  • May 9, 2023
    Be fearful when others are greedy and greedy when others are fearful. -Warren Buffett Buy when there's blood in the streets, even if the blood is your own. -Nathan Rothschild...
  • May 2, 2023
    Bring out your dead! CUSTOMER: Here's one. CART MASTER: Nine pence. DEAD PERSON: I'm not dead! CART MASTER: What? CUSTOMER: Nothing. Here's your nine pence. DEAD PERSON: I'm not...
  • Apr 25, 2023
    What is the state of the US economy? When will this long-anticipated recession finally arrive? And when it does, what does it mean for investors? Those are the questions everyone is...
  • Apr 18, 2023
    I sit down every week to write these updates and sometimes it is a struggle to find something - anything - worth writing about. Sure, there's always market "news" so I can find...
  • Apr 11, 2023
    One of the toughest things about navigating this bear market and the widely anticipated coming recession is that we've had to differentiate between real and nominal economic and...
  • Apr 4, 2023
    The first quarter has come to a close and things have changed a lot...and not very much at all. Expectations coming into the year were that rates would peak in the spring at around...
  • Mar 28, 2023
    There has been a lot of angst over the last couple of weeks about a potential banking crisis. There have been 4 failures so far: Silvergate, Silicon Valley Bank, Signature Bank, and...
  • Mar 21, 2023
    A bank's assets triple over a few years when interest rates are low. The bank invests those assets in long-term, higher-yielding municipal bonds with little credit risk. Inflation...
  • Mar 14, 2023
    Last week started with investors focused on Jerome Powell's testimony before Congress and any hints about future monetary policy. During the course of two days of testimony, which...
  • Mar 7, 2023
    With the 1-year Treasury bill paying 5%, why would anyone take the risk of owning stocks? - Everyone It is a good question and I can't tell you what investors will do this year or...
  • Feb 28, 2023
    I think everyone can agree that stocks and bonds sold off last year because interest rates rose. You might get some argument about why rates rose but the fact they did is sufficient...
  • Feb 22, 2023
    The hardest thing about investing is the patience it requires. Markets can and do go through long periods of stagnation that test every investor's commitment to their strategy. The...
  • Feb 14, 2023
    As I sit here writing this Sunday afternoon, the US has just shot down a third UFO in the last 3 days in addition to the Chinese "weather" balloon last week. I have no insight into...
  • Feb 7, 2023
    Your cares and troubles are gone There'll be no more from now on! Happy days are here again! The skies above are clear again Let us sing a song of cheer again Happy days are here...
  • Jan 31, 2023
    The Fed meets this week and is widely expected to raise the Fed Funds rate by 0.25% to a range of 4.5% - 4.75%. The market has factored in a small probability that they do nothing...
  • Jan 24, 2023
    Inflation* in the US is falling rapidly with the CPI rising just 0.9% in the second half of 2022 versus 5.4% in the first six months. Existing home sales are down 14.6% in the last 3...
  • Jan 18, 2023
    The inflation report last week was met with a big sigh of relief by investors. Stocks and bonds rallied as the Fed's Whip Inflation Now project seems to be finally bearing some...
  • Jan 10, 2023
    What's your outlook for this year? I've heard that question repeatedly over the last month and if you're reading this hoping I'll let you have a peek at my crystal ball, you're going...