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Navigating the Post-Election Pullback
Navigating Market Volatility The post-election stock market rally, which saw the S&P 500 rise 7.5% and the Nasdaq gain 10.3% from...
Mar 102 min read
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Wrapping Up an Incredible Year
As of this writing, the S&P 500 stock index is up 24% year-to-date (excluding dividends). After the 23% gain in 2023, this marks the...
Dec 23, 20242 min read
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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...
Nov 4, 20242 min read
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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...
Oct 7, 20242 min read
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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...
Sep 4, 20242 min read
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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...
Jul 2, 20242 min read
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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....
May 8, 20242 min read
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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...
Apr 1, 20242 min read
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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...
Mar 5, 20243 min read
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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...
Feb 7, 20242 min read
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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...
Jan 2, 20243 min read
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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...
Dec 6, 20232 min read
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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...
Sep 29, 20232 min read
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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...
Sep 1, 20233 min read
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The Best Companies Will Thrive
Monetary and fiscal indicators have continued to tighten significantly. Negative money growth, an increasing fiscal deficit, rising real...
Aug 7, 20232 min read
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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...
Jul 6, 20233 min read
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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....
Jun 9, 20233 min read
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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...
May 2, 20233 min read
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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...
Apr 6, 20232 min read
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Stocks For All Seasons
We are in an interesting economic environment. Consumers are still spending pent up savings. Jobs are plentiful and the unemployment...
Mar 3, 20232 min read
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