Vaccine + Stimulus + Pent up demand = Demand exceeding Supply This morning we awoke to welcome news from Moderna that their Covid-19 vaccine is 94% effective which is great news for the entire world. Within a matter of weeks, we may have 2 viable vaccinations entering the market, ready for our frontline workers, and...Read More

by Jeff Deiss The Social Security Administration announced last week that benefits and the maximum amount of wages subject to payroll taxes will increase by 1.3% in 2021.  This reverses the trend of higher increases over the past two years and while it is more than a full percentage point less than the 2.8% increase...Read More

by David Ruff The Bob Dylan anti-establishment, frustrated-youth song that became the anthem for change during the U.S. civil rights movement could also apply to corporate Japan today.  Japanese equity investors, frustrated with decades of poor returns, are calling for significant change.  It’s beginning to happen. It may seem surprising for us to project better equity...Read More