In just three months the stock market switched from panic mode to full-fledged euphoria. For most of the quarter stocks have been going up 4, 5, or 6 days in a row, only to have a sudden large drop with little warning or explanation. Many investors
Investors don’t like surprises. Especially when everybody was having such a good time. In January our lead article was titled “Party Like It’s 1999!” We discussed the extreme valuations in the market and the euphoria we saw creating significant amounts of risk in the
On paper 2019 is going down as the best year for the S&P 500 since 1997. The euphoria and confidence we are seeing at the end of the year feels quite similar to what we experienced at the end of the 1990s. It is
Trade War, Recession, & Interest Rates
The 3rd Quarter brought some large fluctuations in both the stock and bond markets. By far the most often discussed topics in client and advisor meetings this quarter centered around the on-going Trade War, the impact of interest rate adjustments by the Federal Reserve
Working According to Plan
It is easy to get lost in the short-term noise of the investment markets. While technology has certainly increased the amount of noise each of us sees each day, the short-term focus of the financial media has always been something which derails investors from achieving their
