In this edition, we discuss the continuing narrowness of the market advance, the Federal Reserve’s ‘wait and see’ approach to interest rates, our take on the issues facing Congress, preliminary thoughts on the November election, along with potential headwinds during the next several months. Please read the Second Quarter Market Commentary for more information.
Read MoreIn this commentary we discuss the continued economic strength, potential timing on the Federal Reserve interest rate cuts, the narrowness of the market advance, stretched equity valuations, and potential market headwinds during the remainder of 2024. Please read the First Quarter Market Commentary for more information.
Read MoreIn this commentary we discuss the strong year-end rally in both equities and fixed income, our views on the economy, earnings growth, and potential Federal Reserve actions in 2024, and how this all ties in to our assessments on current valuations. Please read the Fourth Quarter Market Commentary for more information.
Read MoreIn this commentary we discuss the pullback in financial markets during the third quarter, our views on recent Federal Reserve actions, concerns about stubborn inflationary pressures, and how this all ties in to our views on corporate profits which ultimately drive stock prices. Please read the Third Quarter Market Commentary for more information.
Read MoreIn this commentary, we discuss the surprising strength in US equity markets which was concentrated in the largest technology stocks. The Federal Reserve seems to be nearing the end of its tightening cycle and consumers are starting to show signs of slowing down. Earnings growth continues to be challenging for many companies as margins are
Read MoreIn this commentary we discuss the volatile moves in interest rates during the past quarter, the two bank failures and our theories on why these are likely isolated instances, our views on inflationary trends slowly decreasing, and how it all comes together for a challenging earnings growth environment for corporate America in 2023. Despite the
Read MoreIn this commentary we discuss the dismal performance for both equities and fixed income during 2022, the Federal Reserve’s unrelenting move higher in interest rates, a US economy with numerous imbalances that seems on the brink of recession, and potential bright spots as we move through 2023. Please read the Fourth Quarter Market Commentary for
Read MoreIn this commentary we discuss the very weak performance for both equities and fixed income for 2022 thus far, our thoughts on the Federal Reserve and its rate hiking campaign, our belief that corporate earnings estimates for 2023 are too rosy, thoughts on an economic recession, and our views that valuations have come down enough
Read MoreIn this commentary we discuss the very weak first half results for both US equities and fixed income along with the large increase in volatility that has accompanied the declines. We write about our thoughts on the slowing economy and the chances of a recession along with what that could mean for financial assets. We
Read MoreIn this commentary we discuss the higher volatility in the recent quarter along with the large spike in energy prices, the Russian invasion of Ukraine, downward pressures on growth with simultaneous upward pressure on inflation, and why we believe investors should hold fixed income despite the worst quarterly performance for bonds in 42 years. Please
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