World Under Siege

At the end of 2019 we celebrated an outstanding year for investors but warned we may be getting ahead of ourselves, and to be wary of potholes in the road. It was as recently as February 19 that markets hit new all-time highs, even as the virus was spreading across the globe. This rally then […]

Celebrate Yesterday, Stay Vigilant…

After a brief hiccup at the start of the last quarter, markets roared into the new year in a relentless drive to all-time highs, again. The engine of the US economy is humming along providing ample job opportunities for middle income workers, accompanied by low interest rates and accommodating central bank policies around the globe. […]

Bewitched Markets

October has arrived and the darker spirits of the market have emerged beginning with an immediate October sell-off of equities. Boo! It is the Season of the Witch, and equities are being spooked. The first three days of the quarter eliminated the third quarter’s gains as an increasing flow of struggling economic indicators has appeared. […]

Here We Go Again!

According to the National Bureau of Economic Research, the U.S. economy broke a record for its longest expansion ever Monday July 1, 2019. Economic expansion has continued for more than 10 years. Growth is now in its 121st month since the Great Recession. And the market keeps rocking upward! As we go to print, markets […]

Bouncing Markets

Christmas came late! After a volatile gut-clenching end to 2018, when markets finished with a dramatic correction, the year’s first quarter delivered a happy rebound. All market sectors turned strongly GREEN, leaving last year’s champion, Cash, in their dust. It just goes to say, what goes up must come down, and vice versa. In the […]


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 […]