June 24th, 2016
Friday, June 24, 2016, 5pm: Yesterday, the people of Great Britain voted to exit the European Union. That historic vote has triggered a significant amount of global volatility in bond, currency, commodity, and equity markets. However, the declines were less steep in most domestic markets (the S&P 500 fell by 3.6% today). Thus far, the […]
Read more > March 31st, 2016
INVESTMENT PERSPECTIVE “Traders can cause short-term volatility. In the long run, markets must revert to a sensible price/earnings multiple.” Ben Stein (noted economist) The confluence of instant communications, high-frequency trading, algorithmic trading, and various index and exchange traded funds have all led to the potential for greater volatility. These factors coupled with the following economic […]
Read more > January 29th, 2016
This critique of the Fourth Quarter will be brief as by now you hopefully have read our annual thought piece: “Welcome Back Volatility.” It describes how volatility became more pronounced in both the third and fourth quarters of 2015. The contributors to that volatility were investor uncertainty as to when the Federal Reserve would finally […]
Read more > January 19th, 2016
“Anything is possible, and the unexpected is inevitable. Proceed accordingly.” Jason Zweig (noted investment authority) 2015 proved to be a challenging year for many traditional and hedge fund investors. Most indices were down or only slightly positive (Dow 0.2%; S&P 500 1.4%; Russell 1000 Value -3.8%; Barclays Aggregate Bond Index 0.6%; MSCI EAFE -0.8%; High […]
Read more > October 29th, 2015
“In investing, what is comfortable is rarely profitable.” -Robert Arnott (investor, editor, and writer) The quarter ended September 30, 2015 evidenced significantly greater volatility and the first “correction” (a decline of 10% or greater) since 2011. Both the volatility and correction were overdue as we suggested in both our last quarterly letter and our web […]
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