In 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
Read MoreIn this commentary we discuss the strong equity returns in the third quarter, the relative stability of both oil prices and interest rates during the quarter, and our current thoughts on equity valuations and the continued strong economic growth. Read the full 2018 Q3 Market Commentary for more… 2018 Q3 Market Commentary
Read MoreIn this commentary we discuss the more normalized market environment during the second quarter, the continued increase in oil prices, and our thoughts on tariffs and trade. We focus on the widespread economic strength which, combined with low inflation, reinforces our belief that the bull market in equities can continue for quite some time. Read
Read MoreIn this commentary we discuss the return of volatility to the markets during the first quarter, the Federal Reserve’s expected path on interest rates, and continued growth in both sales and earnings for corporate America. While some investors lament volatility, we had cautioned many times that 2017 was an aberration with extremely low volatility. We
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