Summary It was a tale of two half quarters. The first six weeks saw equities sell off on fears that the Federal Reserve would continue hiking interest rates in 2016…

Notes on The Fed The Federal Reserve decided on March 16th not to raise interest rates.  This came as little surprise, as that is exactly what Federal Funds futures had…

Updating the January 18th post: Low volatility strategies continue to lose less. They are down roughly -1.79% so far this month, versus -3.63% for the S&P 500 and -2.65% for…

Summary In a way, 2015 was a lot like 2011.  Markets muddled through the first half of the year, then plummeted in the third quarter before staging a modest recovery…

A few thoughts on the year so far: When I wrote the January 5th, 2016 Market Perspective, I wanted to make the point that stocks were not fairly valued (as…