Over the last few years, the spectacular rise and subsequent fall in asset prices for Bitcoin, pot stocks, high-end real estate and cash-burning companies have proven that the line between “in-favor” and “out-of-favor” is very thin and can evaporate almost instantly. One currently “out-of-favor” asset class that we have been particularly fond of is Master Limited Partnerships (MLPs) – the tax-advantaged, high-yielding oil, natural gas, or refined product pipeline businesses.

Ned Davis has earned one of the most stellar reputations in the investment industry over his roughly 50-year career. He has built a firm that fuses stock market technical analysis (charts, volume, momentum, et al) and sound fundamental research.

Two years ago to the month, bitcoin was in the midst of a surge that put some of the frothiest bubbles of all-time to shame. The unprecedented run saw the price of a single bitcoin swell from just under $1,000 at the beginning of 2017 to over $20,000 towards the end of the year.

Historically, three waves have driven capitalism forward, each dominating in turn.

Central amongst the host of issues currently crowding the global forum is an escalating conflict in the Middle East. Aside from Turkey’s military incursion in Syria over the past week, heightened tensions between Saudi Arabia and Iran continue to cast uncertainty over the region.