Research

Here you will find research papers authored or co-authored by members of Stone Investment Partners LLC along with other papers we find enlightening or interesting. Topics will generally focus investments, portfolio construction, financial planning and economics, but may wander into other topics.

 

June 01, 2020

Stone's Weekly Market Guide - Week of June 1, 2020

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we review the U.S. Reopening Monitor, which provides a dashboard of high frequency and non-traditional data to gauge the pace and strength of U.S. economic activity as business restarts.

June 01, 2020

Guide to the U.S. Reopening Monitor - June 2020

The Stone Investment Partners’ U.S. Reopening Monitor was designed to provide a dashboard of high frequency and non-traditional data to gauge the pace and strength of U.S. economic activity as business restarts following the COVID-19 lockdown. The dashboard consists of three main indicator groups: healthcare, economic and financial market. This guide will provide the details behind each of the indicators within the groups.

May 26, 2020

Stone's Weekly Market Guide - Week of May 25, 2020

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we took a deep dive into the dividend yield of the S&P 500 bank sector with a look at future expectations.

May 18, 2020

Stone's Weekly Market Guide - Week of May 18, 2020

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we took a deeper look at two of the historically more defensive high yielding sectors.

May 11, 2020

Stone's Weekly Market Guide - Week of May 11, 2020

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the underperformance of dividend strategies despite lower bond yields.

May 04, 2020

Stone's Weekly Market Guide - Week of May 4, 2020

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we provide a short snippet from our Berkshire Hathaway Annual Meeting report with a link to the full summary.

May 03, 2020

Report from the Bershire Hathaway Annual Meeting - 2020

Unfortunately, due to the pandemic my long-standing annual pilgrimage to Omaha for the Berkshire Hathaway Annual Meeting on May 2, 2020 was cancelled. It was replaced with a Warren Buffett and Greg Abel question and answer livestream lasting almost five hours. Sadly, Charlie Munger was absent but said to be in good health and utilizing Zoom extensively for meetings.

September 10, 2018

Stone's Weekly Market Guide - Week of September 9, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the 10th anniversary of Lehman Brothers' collapse and some lessons learned from the crisis.

September 03, 2018

Stone's Weekly Market Guide - Week of September 2, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the financial stresses in some emerging market economies and the implications.

August 26, 2018

Stone's Weekly Market Guide - Week of August 26, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the S&P 500 returns around the impeachment proceedings for Presidents Nixon and Clinton.

August 19, 2018

Stone's Weekly Market Guide - Week of August 19, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the efficacy of the global monthly PMI reports as an indicator of economic growth.

August 12, 2018

Stone's Weekly Market Guide - Week of August 12, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the causes of the financial crisis in Turkey and implications for contagion.

August 05, 2018

Stone's Weekly Market Guide - Week of August 5, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the implications of the changes in policy last week by the Bank of Japan.

July 29, 2018

Stone's Weekly Market Guide - Week of July 29, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the implications of the U.S./China trade war on stocks in Japan, Germany and the emerging markets.

July 21, 2018

Stone's Weekly Market Guide - Week of July 22, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at stocks and the economy using a new yield curve measure highlighted by the Federal Reserve.

July 16, 2018

Stone's Weekly Market Guide - Week of July 15, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at stocks in China and the emerging markets in the wake of the current trade disputes.

July 09, 2018

Stone's Weekly Market Guide - Week of July 8, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the details of the U.S. jobs report last week and the implications for Fed policy.

July 01, 2018

Stone's Weekly Market Guide - Week of July 1, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at recent U.S. inflation readings and the implications for policy and financial markets.

June 25, 2018

Stone's Weekly Market Guide - Week of June 24, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the whether commodities add value to a diversified stock and bond portfolio.

June 17, 2018

Stone's Weekly Market Guide - Week of June 17, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the implication of the flattening yield curve on stocks.

June 11, 2018

Stone's Weekly Market Guide - Week of June 10, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at REITs and discuss the improvement in valuation and performance relative to rising yields.

June 04, 2018

Stone's Weekly Market Guide - Week of June 3, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at value investing by discussing the difference between the traditional value index and value factor or smart beta investing..

May 29, 2018

Stone's Weekly Market Guide - Week of May 27, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the current market stress in Italy caused by the rising tide of euroskepticism via the yield on their 10-year bonds.

May 21, 2018

Stone's Weekly Market Guide - Week of May 20, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we look at the current steepness of the yield curve and implications for the odds of U.S. recession.

May 13, 2018

Stone's Weekly Market Guide - Week of May 14, 2018

Our Stone's Weekly Market Guide provides a preview of the important and market impacting items scheduled for the week ahead along with the economic and investment implications happenings from the previous week. Each week the report also has a Chart of the Week meant to illustrate an important market insight. This week we debunk the notion that a strong U.S. dollar is always bad for emerging market stocks.

May 07, 2018

Report from the Bershire Hathaway Annual Meeting - 2018

An estimated more than 40,000 shareholders descended upon Omaha for the annual meeting on May 5, 2018 with a chance to listen to Warren Buffett and Charlie Munger answer questions for five hours. It certainly seemed as crowded as I have ever seen it in the more than ten years that I have been attending in person. This report details our main takeaways from the meeting.

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July 01, 2014

Rethinking Portfolio Optimization

In this paper, we argue that full-scale mean variance optimization—a portfolio construction process that relies on the classic mean-variance approach—is not optimal and tends to produce fragile portfolios. We believe that MV optimization can only be used in combination with fundamental judgments or within partial portfolio constructions.

January 01, 2014

PMI: Early Indicator of Economic Activity?

In this paper, we find that the U.S. Purchasing Managers' Index (PMI) had significant predictive powers for economic growth. In addition, PMI data can have a significant impact on financial markets.  International PMI data was also tested and the results were generally consistent.

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© 2020 by Stone Investment Partners LLC. This information is furnished for the use of Stone Investment Partners LLC and its clients and does not constitute the provision of investment or economic advice to any person. Persons reading this information should consult with their investment advisor regarding the appropriateness of investing in any securities or adopting any investment strategies discussed or recommended in this report. Statements regarding future prospects may not be realized. The information contained on this website was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy, timeliness, or completeness by Stone Investment Partners LLC. The information contained on this website and the opinions expressed herein are subject to change without notice. Past performance is no guarantee of future results. Neither the information on this website nor any opinion expressed herein constitutes an offer to buy or sell, nor a recommendation to buy or sell, any security or financial instrument. Stone Investment Partners LLC does not provide legal, tax, or accounting advice.