Earnings, Elections, and Long-Term Market Drivers
Long-Term Market Drivers While concerns surrounding the upcoming election and its potential market impact are understandable, the reality...
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Oct 72 min read
Stock Prices Chase Earnings
“ In the short run, the market is a voting machine but in the long run, it is a weighing machine.” ― Benjamin Graham The stock market...
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Sep 42 min read
Jobs, Stocks, and Election Dynamics
As discussed in our July letter, the narrative continues around two markets: the economy and the stock market. The latter of the two has...
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Jul 22 min read
2nd Quarter Earnings Are Key
In terms of earnings, stock performance, and valuation, this continues to be a tale of two markets. The ten largest stocks by market...
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May 82 min read
1st Quarter Earnings Buoy Market
The economic and stock market backdrops have changed a bit over the past three months. Long-term inflation expectations are higher....
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Apr 12 min read
Investor Optimism Propels Market Higher
The S&P 500 stock index is up over 25% since the end of October and, excluding the half dozen mega-caps at the top of the S&P 500, the...
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Mar 53 min read
A Tale of Two Cities
It was the best of times, it was the worst of times, it was the age of future rate cuts, it was the age of higher for longer, it was the...
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Feb 72 min read
2024--Off to a Positive Start!
The stock market has moved higher thus far in 2024 with investors anticipating the Fed cutting interest rates, no recession and a return...
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Jan 23 min read
Expect the Unexpected
One year ago, steadily climbing interest rates led 85% of economists in one poll to predict a recession in 2023. In March, Fed Chairman...
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Dec 6, 20232 min read
A Memorable November
In our September 29 letter, we noted that historically the S&P 500 Index has been quite strong in the 4th quarter in years when it was...
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Sep 29, 20232 min read
There is never perfect clarity in financial markets
The stock market pulled back in August and September with most of the weakness in the latter month following Fed Chairman Powell’s...
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Sep 1, 20233 min read
Labor Day Labor Market Update
Happy Labor Day! Labor Day is the annual celebration of the social and economic achievements of American workers. The holiday is rooted...
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Aug 7, 20232 min read
The Best Companies Will Thrive
Monetary and fiscal indicators have continued to tighten significantly. Negative money growth, an increasing fiscal deficit, rising real...
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Jul 6, 20233 min read
A Different Investment Landscape
As we enter our company’s 36th year, we are very mindful of the significant changes in the investment world compared to the 30-year...
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Jun 9, 20233 min read
Debt Ceiling Update and Market Breadth
Our previous market update letter highlighted the debt ceiling as the most recent risk, among many others, that is on investor minds....
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May 2, 20233 min read
Stock Market Continues to Climb the Wall of Worry
The stock market continues to climb the proverbial wall of worry with the S&P 500 gaining 1.5% in April after adding 7% in the first...
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Apr 6, 20232 min read
Stock Market Climbs the Wall of Worry
The stock market climbed the proverbial wall of worry in the first quarter. The S&P 500 index rose 7% despite a “banking crisis”, the...
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Mar 3, 20232 min read
Stocks For All Seasons
We are in an interesting economic environment. Consumers are still spending pent up savings. Jobs are plentiful and the unemployment...
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Feb 3, 20232 min read
2023 - Starting Strong
The S&P 500 stock market index has risen 14% from the October lows with every sector showing positive returns over that time period....
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Jan 10, 20234 min read
2022--An Historic Year!
2022 will go down as one of the worst years on record for the capital markets. The S&P 500 stock index fell 19.6% and the NASDAQ stock...
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