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July 17, 2023
Summer 2023 Investor Letter: No Recession Yet and A.I.
With the second quarter in the rearview mirror, some equity markets in the U.S. generated record beating returns. The Nasdaq 100 Index was up 39.4%, a record…
Summer 2023 Investor Letter: No Recession Yet and A.I. Read More
July 16, 2023
Equity Market Telegraphing a Strengthening Economy?
About a year ago many strategists were calling for a U.S. recession to begin by mid-year this year. A part of the rationale behind this thinking was the pace…
Equity Market Telegraphing a Strengthening Economy? Read More
July 1, 2023
Not A Market For The Dogs Of The Dow
With the first half of 2023 coming to a close this past Friday, the equity markets rewarded investors with a strong performance. Much of the markets return to…
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June 25, 2023
Money Supply Velocity Increasing Indicating Stronger Economic Growth
The talk of a recession has been ongoing for what seems like more than a year. One such headline from mid-year 2022 predicted the U.S. economy would be in a…
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June 24, 2023
Narrow Market Participation May Be Broadening Out
A characteristic of the market advance this year is the fact a small number of stocks are contributing to the advance. Further, the stocks contributing the…
Narrow Market Participation May Be Broadening Out Read More
June 4, 2023
Dividend Payers Lagging Broader Market Badly
My blog post yesterday highlighted the narrowness of the market advance this year, i.e., a handful of stocks generating most of the return. One area of the…
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June 3, 2023
A Small Number of Stocks Contributing to the Market's Advance
From time to time I note the economy is not the market and vice versa. Being aware of this difference has proven important this year as the S&P 500 Index is up…
A Small Number of Stocks Contributing to the Market's Advance Read More
May 14, 2023
Potential Significance of Growth Stocks Outperforming Value Stocks
I have written about the performance differences between growth stocks versus value stocks depending on the business cycle. As the economy begins to accelerate…
Potential Significance of Growth Stocks Outperforming Value Stocks Read More
May 9, 2023
CPI Release Is On The Clock
As NFL teams rotated into their position to make a draft selection in the recently completed NFL draft, they were placed "on the clock" in terms of having a…
CPI Release Is On The Clock Read More
May 6, 2023
As Stocks Outperform Equity Fund Flows Are Negative
Although 2022 was not a good year for most investment asset classes a recovery in equities actually began early in the fourth quarter of the year. The S&P 500…
As Stocks Outperform Equity Fund Flows Are Negative Read More
April 23, 2023
Will International Equities Recent Outperformance to U.S. Equities Continue?
Over the past 15 years international developed market equities as measured by the MSCI EAFE Index have outperformed the S&P 500 Index in only four years and…
Will International Equities Recent Outperformance to U.S. Equities Continue? Read More
April 17, 2023
Spring 2023 Investor Letter: A Stock Market Rebound Continues
Without a doubt 2022 was a tough year for investment returns with 105 out of 112 asset classes generating a negative return, according to Morningstar data…
Spring 2023 Investor Letter: A Stock Market Rebound Continues Read More