Economy Famous hedge fund investor Stanley Druckenmiller is known for his assertion that it is liquidity that moves markets, not earnings. If that is the case, the current debacle in Turkey should be watched carefully. Turkish President Erdogan’s efforts to…
Liquidity and the Fed Balance Sheet Over the last several years, advisers have been subjected to article after article saying the market is expensive and therefore stocks should be sold. And yet stocks have made new high after new…
Market Perspective Thoughts on Equities We seldom get through a year without at least one down quarter, but we are presently on a six quarter winning streak (if measured by the S&P 500 – see Figure 1). Despite last…
As we wrote last month, the most prudent course of action statistically is to assume any particular decline in a bull market is a “correction” and not the start of a new bear market. Bear markets are only revealed over…
Market Perspective Bear markets are a “when”, not an “if”. The goal is to go into one without being overly aggressively positioned, so you don’t have to sell into a declining market. If you can’t achieve the former, the next…