Keywords Trends

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The Decade Ahead for Infrastructure, Energy, & Chips

We delve into three bills that were recently passed representing the largest public infrastructure spending program in US history. First, we summarize the impacts of these bills, along with the emerging trends that will result. Over the last couple of years, the Biden administration passed three Acts: The Infrastructure Investment and Jobs Act (‘IIJA’), the Inflation Reduction Act (‘IRA’) and the Chips Act (‘CA’). Collectively, these represent almost $1T dollars, the largest public infrastructure spending program in US history. The primary intention of these Acts is to upgrade the...
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Trends, Cycles, and Beanie Babies

We wrote about why macro is important for stock pickers in our last post. Part of this involves an understanding of the forces that drive demand for the product or service of an underlying firm in our portfolio-- this is a necessary ingredient for us to form conviction. In this discussion, we share with you how we define a trend, other forces that are often confused with trends, and finally how this knowledge translates into portfolio positioning. Webster defines the word “trend” as a “general direction in which something is developing or changing.” Since this definition is far too vague for any practical use in the investing world...