Alhambra Investments

The AI trade hit some turbulence last week as concerns emerged about the growth rate of the industry. The technology sector ETF (XLK) lost 7.7% last week and is down nearly 10% since peaking on 10/6. The semiconductor industry ETF (XSD) fell 12.5% and is nearing bear market territory (-17.3%) since peaking the same day. What’s more interesting, from a psychological standpoint...

I was reading through some blog posts this morning and ran across one titled ‘The Stock Market Does Not Equal The Economy”. I’ve heard this phrase numerous times in my career, usually the elongated version: “The stock market is not the economy and the economy is not the stock market.” It is an odd thing to say since much of what gets written about the...

Meta released their personal AI agent, Muse, last month, promising that it is safe, secure and private. They say it “actually does the work” rather than just acting as a chatbot. It “helps people stay on top of things, takes tasks and projects off their plate, and turns long-term goals into action plans. Muse runs on a dedicated secure computer with its own browser, can work ...

I know I’ve written about rates and bonds seemingly every week, but it’s been necessary. Last week the 10 year yield finally broke above 5%, an event I’ve anticipated for years, rising nearly 19 basis points to close at 5.18%.

With that move, the 10 year rate is back to normal — right around the 40-year average. The low-rate regime that prevailed since the 2008...