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Quarter 4, 2021 Newsletter

  • January 3, 2022
We are happy to report that stock market returns were above the historical average for the third consecutive year.  However, fixed income returns in 2021 were muted.  Financial markets are discounting mechanisms, meaning that changes in investor expectations about the…
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Quarter 3, 2021 Newsletter

  • October 6, 2021
The many students who have recently returned to school can only hope for grades like the stock market has posted for most of the year.  Over the past several months, the market has successfully shrugged off a number of concerns,…
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Quarter 2, 2021 Newsletter

  • July 7, 2021
What a difference a year makes!  This time last year, we were in the midst of lockdowns with a recovery in the stock market beginning to form as technology and stay-at-home stocks propelled the market higher off of the March…
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Quarter 1, 2021 Newsletter

  • April 5, 2021
Only in the mercurial world of the stock market would good news be greeted with such turbulence.  While the prospects for economic and corporate earnings growth have become much rosier in recent months, this optimism has been accompanied by an…
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Quarter 4, 2020 Newsletter

  • January 6, 2021
It is finally over.  With apologies to President Lincoln’s War Secretary Edwin Stanton, now 2020 belongs to the ages.  Who would have predicted during the dark days of spring that stocks and bonds would end the year at near-record levels,…
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Quarter 3, 2020 Newsletter

  • October 2, 2020
Unlike most amusement parks during the Covid-19 pandemic, Mr. Market’s Wild Ride has remained open for business.  Following the fastest fall in history from a record high to a bear market over the course of February and March, the S&P…
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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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