“We can’t solve problems by using the same kind of thinking we used when we created them.”   –Albert Einstein

Fully two years after the end of the recession and 12 months after the Treasury Secretary penned a New York Times Op-Ed entitled Welcome to the Recovery¸ we find ourselves once again in the grips of economic and financial market turmoil.  Over the past several months, we have had numerous conversations with clients and business owners.  Many have frequently commented that “the economy doesn’t feel right.” Others have asked for our opinion on why this recovery is “different.”

In this quarter’s Commentary, we hope to specifically address this topic, offering a framework that we believe has enormous explanatory power for what is currently ailing both the US, as well as global economy.

**Please note that this is a slightly redacted version.  We’ve removed our current portfolio positioning for legal purposes.  Please feel free to contact us if you’d like to hear our current thoughts on portfolio positioning.