Commentary

Reopening: Markets vs Our Economy

This commentary discusses why it might be prudent to question the assumption that the reopening of the economy will be a boom to the stock market. It also explores the crazy environment for collectibles.

Commentary

We Might Need Binoculars

This commentary explores the assumption of a forward looking market, including when it appears to lead and when it has lagged. It also highlights how our reference points shape our perceptions.

Commentary

The Math & Emotion of Living Through Market Declines

Among other things, this commentary explores historical market sell-offs and how our emotional anchor points can influence our perception of those sell-offs.

Commentary

March 2020 Market Commentary: “Ongoing Unknowns”

This commentary explores the ‘Ongoing Unknowns’ as it relates to COVID-19, as well as a bigger picture look at the last 2 decades and the decade ahead.

Commentary

Our January 2019 Market Commentary: “Mixed Messages”

Investors received a lump of coal for Christmas…and a lot of mixed messages. This commentary explores the apparent contradictions, as well as reviews past bear markets.

Commentary

Our May 2018 Market Commentary: “Back to Normalcy?”

Investors were finally reintroduced to the ebbs and flows of normal day-to-day volatility. This commentary explores what normal volatility looks like and why rising rates aren’t all bad.

Commentary

Our Market Commentary: “Corporate Tax Cuts, Just Because.”

This commentary touches on the passing of Corporate tax cuts during a period of historically high corporate profits and also discusses the relationship of the unemployment rate with future market returns.

Commentary

April 2017 Market Commentary

The stock market started off this year in a similar fashion to how it ended last year, in rally mode. The difference this year is that international stocks have been participating as well.

Commentary

August 2016 Market Commentary

Following the United Kingdom’s vote on June 23rd to leave the European Union, the S&P 500 fell approximately 5% over the next two trading days as investors worried about what the vote meant for the markets and economy.
Commentary

Our April 2016 Market Commentary

It has been quite an interesting start to the year. After falling nearly 10% on continued worries of a global slowdown, the market (as measured by the S&P 500) rallied strongly and is now essentially flat for the year.
Commentary

December 2015 Market Commentary

As we are approaching the end of a roller coaster year in most markets, many asset classes are now nearly flat or negative for the year.
Commentary

Our May 2015 Market Commentary

We could spend this letter going into detail on the topics du jour, such as if/when we think the Fed will finally raise interest rates (they will...eventually). Or whether Greece will leave the Euro (they probably will...eventually). Or what we think of China’s growth (It will continue slowing...Slowly).