Welcome to Upward Thinking

Drinking from a Fire Hose


Since our last letter there have been a number of significant geopolitical and economic events, but two have dominated the investment universe: Strength of the dollar versus all other major currencies Oil prices, as measured by WTI, falling from $100 a barrel in June 2014 to $45 a barrel in February 2015. Other geopolitical events […]



I turned to look but it was gone
I cannot put my finger on it now
The child is grown, 
The dream is gone.
I have become comfortably numb. – Pink Floyd On Thursday, July 31st, the market had a one-day sell-off of 2%, the most negative day since June, 2012. You heard the market pundits and the talking […]

Echo-Mania at The Fed


“Get your facts first, then you can distort them as you please.” – Mark Twain “The beat goes on, the beat goes on Drums keep pounding A rhythm to the brain La de da de de, la de da de da” – Sonny Bono “Just because everything is different does not mean anything has changed.” – […]

Commentary from Art Cashin


From Art Cashin, UBS Director of Floor Operations, NYSE Friday, October 11, 2013 Originally, on this day in 1922, the German Central Bank and the German Treasury took an inevitable step in a process which had begun with their previous effort to “jump start” a stagnant economy. Many months earlier they had decided that what […]

What I'm Reading Now

  • Flash Boys – Michael Lewis
  • Currency Wars: The Making of the Next Global Crisis – James Rickards
  • The Colder War – Marin Katusa
  • Killing Patton – Bill O’Reilly
  • MONEY – Tony Robbins
  • Dynamic Health – Bernie Siegel, MD, Jack Singer, PhD, Dr. Earl Mindell and Dr. Norman Rosenthal


Latest Videos

Cliff in the News: Cliff on MarketWatch Radio Morning Stock Talk


Cliff in the News: Cliff on MarketWatch Radio Morning Stock Talk

Stocks stumbled in the first week of earnings season. Cliff Draughn, chief investment officer at Excelsia Investment Advisors, says that’s not unusual in the early going, as investors look at companies’ top line growth and margins and compare them to the last few years’ results. Draughn tells MarketWatch Radio’s Larry Kofsky that a round of […]

Cliff on CNBC: BRICS – Worth a Second Look?


Cliff on CNBC: BRICS – Worth a Second Look?

BRICS countries are calling for stronger regulation of commodities to combat record food and energy prices, with Cliff Draughn, Excelsia Investment Advisors

Cliff on CNBC.com – Dog Fight: MSFT vs. CSCO


Cliff on CNBC.com – Dog Fight: MSFT vs. CSCO

Discussing whether Microsoft or Cisco will do better in the next year, with Charlie Smith, Fort Pitt Capital Group, and Cliff Draughn, Excelsia Investment Advisors.