The stock market is supposed to be "efficient", at least according to academics (and those firms who have bought into this theory). Supposedly, the market (mostly) reflects all known information. In my experience this is not even close to reality. There have been dozens of times where we see a
For those of you who watched the Super Bowl yesterday, especially if you live on the east coast, I will keep this week's entry brief. I will say the same thing I've been saying for at least 20 years – if Congress wants to do something (or the President wants to
Each summer I like to take some time away from the day-to-day operations/noise to focus on bigger picture projects, research, and professional development. It's a time to work through my reading list, catch-up on the latest updates from the CFA Institute, and most importantly refresh my brain. Given that
A year ago the title of that week's musings was "What can go wrong?" In it I identified the 4 pillars of the amazing stock market rally: Federal Reserve Support, Congressional Spending, Improving Economy, and the decline of COVID. I followed that with a list of things that could go
The stock market is back to its highest levels since early February. 10-year bond yields have climbed 1% since the start of the year and are at the highest level since early 2019. Last week we asked who was right – stock or bond traders. The stock market believes the Fed
