The year thus far has been marked by yet another rally in asset prices, as the majority of global investment markets continue to trend higher. The following chart (chart 1), which tracks the number of record-setting daily closes of the NASDAQ 100, indicates that 2017...

The global economy continues to exhibit improved growth through the first half of the year. Although no region is booming, the major economies in Europe, Japan, and China are performing better than in recent years, while the U.S. maintains a steady pace. Evercore ISI has...

Lyell dedicates significant resources to pay for top-notch proprietary research. This access helps Lyell decipher real economic and market data and trends versus the sensational-seeking “news” disseminated by the media. We intend to periodically publish a Snapshots issue that compiles charts, tables and graphs that...

For those concerned that this economic expansion is getting too long in the tooth, consider that we have in many ways just exited a mini-recession. The rapid appreciation of the U.S. dollar starting in the summer of 2014, coupled with the plunge in energy prices,...

We are fielding many questions regarding how we are positioning portfolios in anticipation of the presidential election. The stock market has thus far taken the upcoming event in stride through what is typically its most volatile season. Is it the market’s confidence in the status...

We are in an unusual economic and market environment. Sub-par economic activity, unprecedented aggressive monetary policy, historically low interest rates and high financial asset prices are vexing most market participants. Technology, communications, globalization and demographics are among several factors which are presenting unique challenges and...

There is a tendency to overstate present challenges, feeling that things have never been more uncertain. We romanticize the past, believing that prior eras were easier. With the benefit of hindsight, we downplay the severity of the threats from those times. The future, in which...