Client Communications

“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” -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” -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” -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 […]

“Nothing is more responsible for the good old days than a bad memory” -Franklin P. Adams The beginning of 2017 marks the 45th peaceful transfer of executive power in the United States. While we’re a week away from the inauguration of President-elect Trump it seems like the transfer of power occurred on November 8th given […]

“The Struggle for Growth in a Sea of Liquidity” -Byron Wein The chorus of economists calling for the Federal Reserve to raise interest rates is growing louder. Following its first rate increase last December the Fed has held its interest rate steady in a range of 0.25%-0.5% yet it is becoming increasingly likely that the […]