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Quarter 2, 2020 Newsletter

  • July 10, 2020
In the world of investing, we are often told to be cautious when we hear market participants use the phrase “this time is different.”  The phrase is often used to justify some excess in the market.  For example, during the…
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Quarter 1, 2020 Newsletter

  • April 3, 2020
And they said March Madness was canceled.  While the college basketball postseason was indeed shut down, the coronavirus-induced chaos that has upended our lives, our economy, and our financial markets has, unfortunately, continued.  We’ll do our best to make some…
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Quarter 4, 2019 Newsletter

  • January 3, 2020
The stock market’s strong performance in 2019 capped a great decade for investors.  The S&P 500 had only one down year, in 2018, and it had double-digit years seven times, including three years when the returns exceeded 20%.  The returns…
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Quarter 3, 2019 Newsletter

  • October 2, 2019
The road to nowhere has been paved with uncertainty.  While the stock market continues to be resilient and is hovering near all-time highs, it has made little progress since January 2018.  Given the market’s distaste for uncertainty, it is not…
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Quarter 2, 2019 Newsletter

  • July 1, 2019
Throughout the first half of 2019, investors have been inundated with news about trade wars, government shutdowns, and Iran-US tensions.  Despite these many anxious moments, the market has continued to climb the proverbial “wall of worry.”  Many different factors are…
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Quarter 1, 2019 Newsletter

  • April 3, 2019
It is said that patience is a virtue; the stock market certainly appears to value it as such.  Following its worst December since 1931 due in large part to fears that the Federal Reserve would raise interest rates too aggressively…
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Quarter 4, 2018 Newsletter

  • January 7, 2019
Another year is in the books!  We trust you had a wonderful holiday and brought in the New Year with cheer. A quick review of 2018 shows that the 2017 global equity rally continued into 2018 on the back of…
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Quarter 3, 2018 Newsletter

  • October 3, 2018
As French entertainer Maurice Chevalier once said, “Old age isn’t so bad when you consider the alternative.”  The current bull market recently became the longest on record after reaching 3,453 days on August 22nd.  The rally, which began in March…
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Quarter 2, 2018 Newsletter

  • July 2, 2018
French critic Jean-Baptiste Alphonse Karr’s famous quote, “the more things change, the more they stay the same,” rang true in the 2nd quarter of 2018.  Despite the return of volatility to the markets in 2018, after an unprecedented year of…
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Quarter 1, 2018 Newsletter

  • April 2, 2018
It looks like Isaac Newton’s observation under the apple tree can be applied to the stock market as well as to fruit: What goes up must come down (at least a little bit).  After a strong January concluded an unusually…
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