Insights

Economy Famous hedge fund investor Stanley Druckenmiller is known for his assertion that it is liquidity that moves markets, not...

Summary Stocks rebounded last quarter - at least here in the U.S.  Trade war fears drove up the value of the dollar on the idea that...

Emerging Markets I am nervous about emerging markets.  EM can handle a gradual strengthening of the US dollar to a point, but not the...

Summary The stock market’s long quarterly winning streak ended in the first quarter, but the loss was less than one percent.  Probably...

A Correction? The longer we remain below the January 26th high in the S&P 500, the more significant those highs become.<1> The term...

The stock market recovered most of its losses from the sharp, interest-rate related sell-off in early February.  That said, the bounce...

The continuation of the negative response of bonds to the strengthening economy and more importantly, to the normalization of interest...

Summary There is really nothing negative one can say about 2017 in terms of the stock market.  Returns were great almost anywhere one...

Bonds made a move lower over the last couple of weeks most likely in response to the apparent inevitability of the new tax law lowering...

The global stock markets seem “tired” right now.  It has been a very good year, with the S&P 500 up around 17% with dividends included...

Summary The stock rally continued into summer as the S&P 500 tacked on 4.48% in the third quarter.<1>  That brings the year-to-date gain...

Liquidity and the Fed Balance Sheet Over the last several years, advisers have been subjected to article after article saying the market...

It has been a while since we sent out an update because from an investment standpoint, not much has changed.  There continues to be...

Summary U.S. stocks rose for the seventh consecutive quarter.  The S&P 500 stock index added another 3.09%, bringing its year-to-date...

Summary Technology stocks have done very well this year but have run into some resistance. After flirting with Energy and Financial...

Oftentimes I write updates after conferences in order to process and make sense of the information I have just taken in.  This is my...

I just returned from the Morningstar conference in Chicago.  I always find it interesting to compare each conference I attend to past...

Summary Stocks gained a little over 6% last quarter while bonds rose 0.82%.<1>  Stocks continued the momentum from late 2016 as...

Stocks gained 6.07%, as measured by the S&P 500, last quarter.<1>  That’s a very nice rate of return (over 24% if annualized).  It...

All eyes are on two things this week – the U.S. Federal Reserve meeting and the Dutch election.  The former is expected to end Wednesday...