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My view on what's going on in the financial markets and the global economy, and a few other things that might interest me from time to time.

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Week ended Sept 26, 2025: markets drift
It was a slow drift lower in US stocks and bonds this past week, although Friday's PCE (inflation, August) and other economic data was sufficiently balanced to create a slight bounce. Global stocks were mixed, with U.K. and Japanese stocks generating the best returns WoW.
tim@emorningcoffee.com
Sep 273 min read
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Week ended Sept 19, 2025: Fed cuts, stocks like it!
The Fed finally cuts the Fed Funds rate and moves to an easing path which shockingly (sarcasm), gave equity investors another reason to send stocks higher. Treasuries though said "meh", and yields even rose at the long end of the curve.
tim@emorningcoffee.com
Sep 213 min read
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Record high after record high....what to do?
As risk markets surge, especially US stocks (but also corporate bonds), it's hard not to scratch your head and ask how long this can carry on? I have no idea, but I think the end might be near. In the meantime, I stick to my standard investment approach.
tim@emorningcoffee.com
Sep 186 min read
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Portfolio update: 2Q2025
This article is an update of my personal portfolio at the end of 1H2025 (June 30, 2025). To say it was a volatile quarter is the mother of all understatements. Fortunately, I came out OK thanks to the fact that investors – especially in the bond market – provided guardrails for the nutty economic policies of Mr Trump. I saw the train wreck coming, but I failed to anticipate the shockingly fast recovery. You can read the gory details in this article.
tim@emorningcoffee.com
Jul 229 min read
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First half 2025: indices and market update
This article contains tables and commentary regarding the rather volatile but ultimately positive first half of 2025.
tim@emorningcoffee.com
Jul 46 min read
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NATO
NATO was front and centre last week as the annual NATO Summit was held in The Hague on Tuesday and Wednesday, making it an opportune time...
tim@emorningcoffee.com
Jul 27 min read
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"Worst economy ever"? Not even close!
Inspired by Mr Trump's false claims that he inherited the "worst economy ever", this article looks at administrations' economic performance.
tim@emorningcoffee.com
Feb 266 min read
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Cars, tariffs and social security "fraud"
This article summarises two articles and one podcast that are topical,: US/EU automotive tariffs, social security "fraud", and steel tariffs
tim@emorningcoffee.com
Feb 197 min read
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Balance of payments, trade and tariffs
The week started with the Trump Administration announcing tariffs on Mexico, Canada and China, the first two of which were quickly rescinded
tim@emorningcoffee.com
Feb 69 min read
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American Exceptionalism
Better late than never, in that this article is about my views on American exceptionalism, both economically and as far as US stocks.
tim@emorningcoffee.com
Jan 813 min read
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Summary of 2024 in tables
This article contains a summary of full-year 2024 performance of the indices and assets tracked by EMC, plus historical data, too.
tim@emorningcoffee.com
Jan 31 min read
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2024 market and asset performance vs my expectations: how'd I do?
I "guessed" at how markets would perform in 2024 last year at this time. Some I got right, some I got wrong, not different from the pros.
tim@emorningcoffee.com
Dec 31, 20248 min read
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A quick look at MicroStrategy (MSTR)
MicroStrategy (MSTR) has had an amazing run since it adopted its Bitcoin accumulation strategy in Aug 2020. Has it run too far too fast?
tim@emorningcoffee.com
Nov 27, 202411 min read
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Does the "Trump rally" have legs?
Some stocks that clearly "track" President-elect Trump's varied campaign promises have rallied hard, including TSLA, BTC, COIN and KRE.
tim@emorningcoffee.com
Nov 12, 20245 min read
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The US election aftermath: the morning after
This article is short and covers the blowout results and reasons, what Trump 2.0 means for investors, and Mr Trump's promises.
tim@emorningcoffee.com
Nov 7, 20243 min read
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The US election: things you should know
Here are a few last-minute thoughts on the US election which will be held on Tuesday, Nov 5. A lot is at stake, but Weds, the world goes on
tim@emorningcoffee.com
Nov 3, 20244 min read
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Portfolio update: 3Q2024
This is the update of my personal portfolio for the most recent quarter ended September 30, 2024.Â
tim@emorningcoffee.com
Oct 9, 20249 min read
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Three key election issues: immigration, inflation and abortion
There are many important issues in the US Presidential election, but none more so perhaps than immigration, inflation, and abortion.
tim@emorningcoffee.com
Sep 25, 202410 min read
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