Powell Is A Bull In Bear's Clothing

Feb. 08, 2023 9:09 AM ET35 Comments


  • The expectation was that Powell would carry a more hawkish tone when he spoke yesterday in Washington.
  • Instead, he reiterated that he expects a "significant decline" in inflation this year.
  • He thought last week's jobs report was "good news" because it showed that inflation could come down without weakening the labor market.
  • Bears need to recognize that Powell is a bull who now and then poses as a hawk or bear to manage expectations.
  • This idea was discussed in more depth with members of my private investing community, The Portfolio Architect. Learn More »

Businessman with bear shadow and toreador concept


The intellectual tug of war between bulls and bears continues with market performance ultimately determining the winner. The bulls clearly have the advantage year-to-date, but the bear camp had a big opportunity yesterday to bring an end to the party

market averages


S&P 500


wage growth


Presidential Cycle


Lots of services offer investment ideas, but few offer a comprehensive top-down investment strategy that helps you tactically shift your asset allocation between offense and defense. That is how The Portfolio Architect compliments other services that focus on the bottom-ups security analysis of REITs, CEFs, ETFs, dividend-paying stocks and other securities.  

This article was written by

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A foundation, framework and discipline for optimizing portfolio performance

Lawrence is the publisher of The Portfolio Architect. He has more than 25 years of experience managing portfolios for individual investors. He began his career as a Financial Consultant in 1993 with Merrill Lynch and worked in the same capacity for several other Wall Street firms before realizing his long-term goal of complete independence when he founded Fuller Asset Management. He graduated from the University of North Carolina at Chapel Hill with a B.A. in Political Science in 1992.

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Lawrence Fuller is the Managing Principal of Fuller Asset Management (FAM), a state registered investment adviser. Information presented is for educational purposes only intended for a broad audience. The information does not intend to make an offer or solicitation for the sale of purchase of any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. FAM has reasonable belief that this marketing does not include any false or material misleading statements or omissions of facts regarding services, investment, or client experience. FAM has reasonable belief that the content as a whole will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances or market events, nature and timing of investments and relevant constraints of the investment. FAM has presented information in a fair and balanced manner. FAM is not giving tax, legal, or accounting advice.
Mr. Fuller may discuss and display charts, graphs, formulas, and stock picks which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions. Consultation with a licensed financial professional is strongly suggested. The opinions expressed herein are those of the firm and are subject to change without notice. The opinions referenced are as of the date of publication and are subject to change due to changes in market or economic conditions and may not necessarily come to pass.

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