“True strength is delicate” -Louise Nevelson Most major equity indices were flat in the first six months of 2018 yet volatility in the markets has returned signaling greater investor anxiety. The S&P 500 has experienced a daily change greater than one percent 36 times year-to-date compared to 3 one percent moves by this time last […]
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Never let the truth get in the way of a good story
“Never let the truth get in the way of a good story” -Mark Twain The first quarter has been punctuated by a volatile market that appears even more jarring following the unusually orderly market conditions of last year. In Washington, President Trump’s administration is delivering on its “America First” platform using an unconventional approach. Tariff […]
Climbing a Wall of Worry
“Climbing a Wall of Worry” -Wall Street proverb Many times during 2017 we were asked how the stock market could be performing so well while the tone of political discourse was so poor. Our answer was, and remains, that business is driven by the economy and the global economy is in a sweet spot of […]
The surest test of discipline is its absence
“The surest test of discipline is its absence” -Clara Barton The stock market has delivered another impressive quarter rising 4.5% from July through September and up 14% year-to-date. Investors are continuing to block out political noise and remain focused on earnings and the impressive strength of the global economy. The valuation of the stock market […]
Beware lest you lose the substance by grasping at the shadow
“Beware lest you lose the substance by grasping at the shadow” -Aesop The first half of 2017 has been a bifurcated environment. On the economic side, the synchronized global expansion that took hold in 2016 continues to provide a favorable business climate while, on the political side, the Trump administration is struggling to stay on […]
A goal without a plan is just a wish
“A goal without a plan is just a wish” -Antoine de Saint-Exupery The stock market continued to advance in the first quarter driven by strengthening economic conditions while President Trump’s young administration encountered an early stumble when it failed to win Congressional support to replace and repeal the Affordable Care Act. In this note we’ll […]