Global equity markets defied predictions – and perhaps even gravity – in 2017. The S & P 500 (total return) index increased 21.83%, landing in the top third best performances in its history. Foreign markets, buoyed by a falling dollar, performed even better. The MSCI World ex USA (net dividends) Index gained 24.21%. The MSCI […]
4th Quarter Client Note – Preparing for an Inevitable Bear Market Read More »
Stock markets around the globe had their best first six months in years. In the second quarter, The S & P 500 (total return) Index gained 3.09%; bringing the total increase to 9.34% thus far for the year. US Large Cap Growth Stocks returned 4.67%. While Large Cap Value returned only 1.34%. After years of
2nd Quarter Client Note – Tribulations of a Value Investor Read More »
The S & P 500 (Total Return) Index gained 1.35% in the quarter. This was no mean feat considering what was occurring in January. The first two weeks of January welcomed the worst start to a year for the S & P 500 in history. The index was down 7.93% from January 4 -15. For
1st Quarter Client Note Read More »
Unless you haven’t been paying attention (and kudos if you haven’t) you know that the last week or so has seen a significant sell off in the world stock markets. Ordinarily, I’m loath to fall into the financial media’s trap and ascribe market moves to any particular cause(s). But a few things have been happening
Living Near the Fault Line Read More »
Amidst continued slow global growth, particularly in Europe, the Federal Reserve is remaining cryptic as to when it will begin to raise interest rates. Foreign central banks are keeping their interest rates extremely low as well. US economic growth remains sluggish, but is still better than most of the rest of the world. The Fed
1st Quarter Client Note Read More »
In our estimation, the last week of the United States Supreme Court’s 2013/2014 term was a watershed for Modern Portfolio Theory and the Efficient Market Hypothesis; two essential components in the notion that publicly available information is rapidly incorporated into the prices of securities traded in a robust public market. For a generation now, intelligent
Supreme Court Gives Two Thumbs Up to Modern Portfolio Theory Read More »
The stock market continued its extraordinary rally off the 2009 Great Recession lows, shaking off an actual 2.9% fall in GDP and a sharp increase in sectarian violence in Iraq. Stocks, bonds and commodities all rose in the first half of 2014; the first time that has happened since 1993. The S & P 500
2nd Quarter Client Note Read More »
It seems like only yesterday that we were peering over the abyss of the fiscal cliff. Last New Year’s Eve, even after the 2012 elections were over, the political standoff appeared to be continuing. Taxes were set to rise, sequestration was about to kick in and the debt ceiling was once again about to be
4th Quarter Client Note Read More »
Dr. Eugene F. Fama, one of my few heroes, recently won the Nobel Prize in Economics. It sure is nice to have the work of such great and thoughtful men on which to build a business – and a life.
Nobel Honors an Honorable Man Read More »
PBS recently aired a Frontline show entitled The Retirement Gamble, profiling the 401(k) industry. If you missed it, it can be viewed here. Polemic in tone, the show is highly critical of the country’s evolution from defined benefit pension plans toward defined contribution 401(k) type plans, and in particular the culture of the industry that
A Commentary on the PBS Show The Retirement Gamble Read More »
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