Market Commentary

The Great Unwind

Flash back ten years ago to late 2007 and early 2008. George W. Bush was serving his second term as President. Crocs were in style. The new Apple iPho...
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Market Commentary

Market Outlook: Volatility Returns

The market outlook published in the June 2017 edition of this newsletter examined the relative calmness and lack of volatility, or dispersion of retur...
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Market Commentary

Market Outlook

As investors entering 2018, we are experiencing a nine-year-old bull market in domestic equities, with many of the major technology companies leading ...
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Market Commentary

Market Outlook

As the saying goes, "happiness is a function of reality exceeding expectations.” In other words, we are happiest when outcomes turn out better than we...
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Market Commentary

Market Outlook

The stock market, as measured by the S&P 500 Index (a broad stock market proxy), has tripled in price since the depths of the financial crisis in Marc...
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Market Commentary

Equity Market Outlook

As measured by the S&P 500 Index, the stock market has risen 10.6% since the U.S. Presidential election on November 8, 2016, including a 5.8% increase...
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Market Commentary

Market Outlook

During the 1988 World Series, legendary Los Angeles Dodgers’ announcer, Vin Scully, spoke these now famous words: “In a year that has been so improbab...
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Market Commentary

Negative Interest Rates: The Imaginary Has Become Reality

In finance and economics, negative interest rates were thought to be imaginary and impossible. In the last few years, the impossible has become realit...
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Market Commentary

Market Outlook: A Roundtrip Journey

The last market outlook I wrote for this publication was in July 2015. At that time, the S&P 500 Index, which serves as a broad stock market proxy, wa...
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Market Commentary

2016 Market Outlook

U.S. equity market returns for 2015 were challenging, with the price of the S&P 500 Index down 0.73% over the year. With a peak to trough difference o...
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