In this commentary we discuss the sharp rise in longer-term interest rates, the continued move higher in equity prices, and the significant improvement in economic forecasts for 2021. We also touch on increasing signs of speculation in some areas of the market along with our belief that equity prices will not match earnings growth in
Read MoreIn this commentary, we discuss the strength in US equity markets since the March lows, the improving economic environment, helped along by the vaccine release, and the policy changes we expect following the recent elections. We remain constructive on equity markets in 2021, with the caveat that a good deal of the appreciation based on
Read MoreIn this commentary we discuss the market’s significant strength since the March lows, keeping the recent volatility in perspective, and the challenges the financial markets could face in the coming months. Once again, the economy (and thus financial markets) will depend a great deal on the track of the COVID-19 virus. Read the full 2020
Read MoreIn this commentary, we discuss the extremely strong equity performance since the late March lows, the Federal Reserve’s commitment to keeping rates near historic lows for an extended period of time, and the extreme difficulty in picking market entry and exit points. Read the full 2020 Q2 Market Commentary for more… 2020 Q2 Market Commentary
Read MoreIn this commentary we discuss the sudden and significant changes to both the economy and the financial markets experienced during the past two months. We have little visibility on the effects that COVID-19 will have on the economy. That said, we have counseled our clients that during the most volatile times, the best thing to
Read MoreIn this commentary we discuss the changes in investor sentiment during 2019, the Federal Reserve’s actions, corporate earnings expectations, and the reasons we do not believe a recession is likely in 2020. Read the full 2019 Q4 Market Commentary for more… 2019 Q4 Market Commentary
Read MoreIn this commentary we discuss the volatility in Financial markets over the last few months, the Federal Reserve’s actions, and our belief that while the corporate side of the US economy is showing signs of slowing, we do not believe a recession is imminent based on consumer-related data such as employment, wages and consumer spending.
Read MoreIn this commentary we discuss the volatility in Financial markets over the past few quarters, thoughts on the future path of interest rates, and our belief the US economy should continue to grow for several more quarters, despite some market pundit calls for a looming recession. Read the full 2019 Q2 Market Commentary for more…
Read MoreIn this commentary we discuss the sharp rebound in equity markets during the first quarter, the Federal Reserve’s interest rate forecast change, and the meaningful decline in interest rates across the maturity spectrum. Economic growth, while slowing from 2018’s rapid pace, should remain at or above trend during 2019. Read the full 2019 Q1 Market
Read MoreIn addition to analyzing recent financial market performance, we discuss: Our economic forecast for 2019 calls for slower growth than in 2018 but we see no signs of a recession A reiteration of our investment decision making process and how it differs from chasing speculative fads Keeping recent market declines in perspective (the S&P declined
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