The Fed Not much to say about the U.S. stock market overall. I’ve been reading a lot of analogies lately, so here is mine: Imagine northern California, circa 1849. Gold has been discovered, and a lot of people are getting…
Summary Stock prices rebounded sharply last quarter as investors began to anticipate an economic recovery. Whether the recovery actually comes to pass as soon as the market hopes is another thing entirely, but it is important to remember that the…
Investors are herd creatures. We can’t help it; 100,000 years of programming is hard to unlearn. That said, what enabled our ancestors to survive on the African plains and later in medieval societies was the ability to quickly figure out…
SUMMARY It probably comes as a surprise to no one, but the first quarter of 2020 was the worst first quarter in modern market history. The stock market lost -19.6%[i] during the quarter, but even that fact masks the truly…
Exactly one month ago (February 19, 2020), the S&P 500 made a high just above 3393 before closing at 3384. We didn’t know it at the time, but that was the market top. All of the major market averages were…