The market confusion referenced in our last commentary has somewhat resolved itself as the final quarter of 2018 closed. The 10-year Bull market has been abruptly interrupted as the Bear emerged from the woods with a vengeance. Having been held in check by an accommodative Fed for most of that period, it now appears the […]

Spooked by Volatility?

Those of you who have been diligently consuming our investment commentary would recognize that the current market volatility is not unexpected. Our view has been that US Equities, especially growth and technology stocks, have been overvalued for some time. These are the sectors that have led the current downturn. Two-thirds of the S&P 500’s individual […]

Amazed and Confused

US Equity markets have been on a ten-year UPward trajectory since the Great Recession. This is especially true compared to other markets around the world. Valuation differentials are hitting   historic spreads – Growth has vastly outperformed Value, and US Stocks rule the world. It is as difficult to reconcile these disparities, as it is to […]

Midsummer Mixed Market Messages

The year is half done, and though it does not feel like it, the S&P 500 has eked out a total YTD return of 2.7%. The Dow Jones Industrials are negative YTD, while dividend focused equities have lagged mightily. After hitting new highs at the end of January, broad markets were hit by a correction […]

Bear Signs?

One of my resolutions for the year is to more frequently post blogs regarding markets, and what we may, or may not, be looking forward to. It appears more and more likely that markets are experiencing a traditional bear phase. Lest we forget, 2017 surprised a lot of observers with an extraordinary rise following a […]

A Correction…Finally

The past week has proven that the old saying, “What Goes Up, Must Come Down”, is once again in play. 2017 represented a relentless, never-ending bull market (or market in Bull?). We are now seeing a reversal of that trajectory, albeit in a very compressed time line. This is typical of how a bull market […]

The Relentless Great Bull Market

Like the ever rising Great Bull Market, our quarterly commentary is in danger of becoming boringly repetitious in celebrating gains, delivering good economic and business news, but cautioning against exuberance (Bitcoin?). Perhaps this is a sign of a top, but this train keeps chugging along, and there doesn’t appear to be anything in front of […]

Too Much of a Good Thing Can Be Bad

As the latest quarter came to its close, the market may be catching cold. After achieving new highs on the backs of the few stocks formerly known as FANG, now rechristened as FAAMG (fam-Gee?), it appears some investors decided to take money off the table. The FAAMG stocks represent a large percent of the S&P […]

Too High, Or Not Too High?

Markets blasted through new highs in the past month, as they continued to roll forward based upon post-election enthusiasm for positive economic policy change. Our skepticism remains, however, that the post-election “Trump Jump” was anything more than the investing herd stampeding on anticipated “Hope and Change”. Oops, my error, that was the last guy’s slogan. […]

Earthquake Across America

2016 again proved that those who believe in the ability to predict the future inevitably end up like gamblers – broke. President-elect Trump won a contest he was widely predicted to lose, and markets began a surge that no one saw coming. Far be it for any of us to look a gift horse in […]