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Boeckh Investment Letter

Investment and economic commentary by J.Anthony Boeckh and Robert Boeckh

Sample Commentaries and Reports

January 15, 2013

Macro Themes

1.   Tail risks are receding:  the eurozone is holding together, Greece recently got an S&P upgrade, China has executed a soft landing and the U.S., despite its dysfunctional politics, has a number of things working in its favor. 

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July 13, 2012

The problems of the euro have been eloquently re-hashed by the press, market letters, economists, policymakers and politicians.  All kinds of suggestions, both good and bad, have been offered.  At the end of the day, it seems obvious that the problems of the eurozone are intractable and the disease is terminal.

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June 28, 2012

Events this spring have increasingly revealed that the global recovery is extremely fragile and deflationary forces are still gathering strength. We continue to be locked in the downward phase of the long-term inflationary roller coaster that began decades ago. This is a classic boom-bust cycle with increasing tendencies to move out of control.

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February 23, 2012

Fracking and horizontal drilling have unlocked access to vast reserves of gas, oil and associated liquids, most notably in North America. This could represent a sudden and profound transformation of energy markets, the implications of which are only beginning to be understood. There are three primary issues:

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January 11, 2012

The 1945-2007 period was wonderful in almost every way, particularly for investors and it was common to assume that this was “normal”. However, it was anything but in historical terms for many reasons.

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December 12, 2011

Europe—Brinkmanship Continues

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November 16, 2010

The G20 meeting in Seoul has highlighted the intractable divisions between surplus and deficit nations.

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April 10, 2010

Chuck Prince, the former CEO of Citigroup, who presided over the bank’s collapse, famously remarked in July 2007 that "as long as the music is playing, you’ve got to get up and dance. We’re still dancing.” Shortly after, the music stopped, the financial system broke, and Citigroup and other financial behemoths went under.

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