Market Rx

Market Rx

Many of you have heard us talk about the fact that the stock market regularly goes through periods where it loses half its value. This happens roughly every ten years. The last episode was around 2009-2010 during the financial crisis. Ten years later we have our...
Two Years, One Market

Two Years, One Market

2019 turned out to be one of those gangbuster years for the stock market that investors only see a couple of times in a decade. Or so it seemed. In reality, the rally was a continuation of the 2018 market expansion. Large cap stocks had the best performance with the...
Reading the Fed’s True Intentions

Reading the Fed’s True Intentions

For those of us that pay close attention to the central bank’s policies and the expert’s interpretation of those policies, you’d think that a global recession is certain and just around the corner. Most notably, there’s been a lot of focus on the relationship between...
Mixed Messages

Mixed Messages

In normal times, which we haven’t seen in over a decade, the markets would look at unemployment solidly under 4%, GDP above 3% and inflation around 2% and think the Federal Reserve is surely leaning towards a neutral or maybe even tighter monetary policy. After all,...
Market Rx

Tennis Anyone?

One of the more comical images is the crowd at a tennis match; hundreds of people swinging their heads in perfect unison for hours. Synchronized swimming has never been this coordinated. This image comes to mind when I watch the daily financial news on TV. The pundits...
Two Years, One Market

The Christmas Bear, Part 2

In our last newsletter titled “The Christmas Bear”, we outlined the issues that we felt were driving the high levels of volatility in the stock market recently and shared our thoughts on how those may play out in 2019. That was only three weeks ago and now we’ve had...