The Fault is ours, Ray

According to Forbes Magazine, Ray Dalio, founder of Bridgewater Associates, is America’s second richest money manager. He trails only George Soros in the pantheon of hedge fund “masters of the universe”. Dalio appeared last month on CBS “60 Minutes” to lament the demise of the American dream. He called inequality…

The interest rate pendulum

When interest rates get whipsawed the way they have in the last couple of weeks, we believe some explanation is necessary. First and foremost, we don’t believe it is one particular issue but instead, a lot of balls in the air at the same time that are creating uncertainty. China,…

2019 Client Appreciation Event

Earlier this year, the Fort Pitt team held our annual client appreciation event. This year’s event started with a general update on the state of Fort Pitt Capital. Alessandro Valentini provided attendees with a global economy and international markets update while Charlie Smith provided insight on the state of the…

Charlie’s month-end reading list

Here are some of the latest topics of interest at Fort Pitt Capital Group: The first article, “Here comes the Shanghai Accord 2.0: China unleashes gargantuan credit injection to start 2019” comes from ZeroHedge. This piece discusses China’s record credit impulse in January. Chinese financial institutions extended a record high…

The Pottery Barn Economy

Back in 2002, then U.S. Secretary of State Colin Powell had a very blunt and direct way of framing the dilemma over invading Iraq. He called it the Pottery Barn rule: “You break it, you bought it,” he said. Powell’s phraseology ultimately proved prophetic - presaging a painful chapter in American…

Headwinds

The second quarter of 2018 revealed little news in the bond market, as the generally range-bound trading that marked previous quarters remained in place. On May 11th, the yield on the 10-year U.S. Treasury bond reached 3.11 percent, and it appeared that interest rates were headed higher on the back…

Charlie’s month-end reading list

Here are some of the latest topics of interest at Fort Pitt Capital: The first piece, “The world’s fifth largest economy is about to require solar panels for all new homes,” is from Forbes magazine. California is going to be the first state to require new homes to have solar power installed.…