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 the Dow.[1] See Figure 1. The Dow is outperforming the…
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 in the fourth quarter. Like four years ago, large stocks…
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 several market strategists had argued in their 2016 forecasts). It…
Yesterday I received information from JPMorgan in their comprehensive quarterly Guide to the Market concerning the valuation of the market at year end 2015. They note the current forward P/E is 16.1 times earnings, and suggest that it is very…
On December 16th the big day came when the Federal Reserve raised interest rates by 25 bps. They had not raise rates in seven years. Markets soared in response, but gave it all back over the next two days. See Figure…