Market Perspectives

Investing is often confused with trading.  Good long-term investing is not for the faint of heart.  Longer-term political, economic, and capital market trends, rather than short-term portfolio positioning requiring the need for an accurate forecast, is often the most reliable route for investors.  Important secular trends include the continuing democratization of stock market investing, with zero online trading fees and fractional shares.  The combination of a robust U.S. economy, a thoughtful Federal Reserve...

It has been a good year for U.S. investors.  The global economic slowdown and geopolitical turmoil created a nearly irreversible thirst for super safe assets as reflected by the Barclays AGG bond index gaining 8.5%.  At the same time, the health of the U.S. economy produced robust gains in equities, with the S&P 500 index up 21%.  Happy surprises included long-term Treasuri ...

The quarter was a good one for investors, overcoming fears of an all-out U.S.-China trade war.  The S&P 500 index rose roughly 4% for the quarter and was up 17% for the year.  It was the market’s best first half performance since 1997 and extended the more than decade long bull market.  But it wasn’t until April this year that the S&P 500 climbed back to its October 201 ...

Perspectives U.S. stocks experienced their biggest quarterly gains in nearly a decade.  The S&P 500 completed its best quarter since 2009, gaining 14%, while the S&P MidCap 400 and S&P SmallCap 600 gained 14% and 12%, respectively.  The VIX ended March at a low of 13.7.  Major indices have recouped almost all of the losses experienced in the prior quarter.  Notably ...