Category: Portfolio Reviews

After a bad end, a good start

The mini-panic of the last quarter of 2018 seems like a distant memory as 2019 witnessed the best start for the S&P 500 in over 20 years.  The bad things that were supposed to happen early this year, notably Fed rate hikes and Brexit, have not happened. Though GDP growth slowed to a 2.2% rate,
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Blame game continues amidst sharp market drop

The stock market began 2018 with a bit of euphoria in January accompanied by many presidential tweets that seemed to tempt fate.  After one mid-winter scare it drifted modestly higher until mid-October, and then abruptly accelerated to the downside culminating with December being the worst month since the meltdown a decade ago.  We were reasonably
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Value versus Growth Chart
Growth versus Value

Sector rotation amid tax cuts and rate increases

The quarter was both profitable and frustrating.  Many stocks with great earnings histories and reasonable valuations had a mediocre period, and other securities with less attractive metrics did relatively well.  So our quarter was not nearly as good as it could have been.  Growth stocks have greatly outpaced value stocks all year until June, so
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Growth Value Chart

Trump trade tweets abet market pause

The Trump bull market is being tested for the first time as the stock market registered a modestly lower quarter and the S&P 500 Index threatened to break below its 200 day moving average for the first time since January 2016.  In my view, President Trump tempted fate by tweeting repeatedly about the stock market
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2017 Market Returns

Earnings and growth overpower foreboding headlines

The stock market continues to march ahead and, despite troubling geopolitical headlines, has already exceeded the projections of many analysts for the year.  But economic growth is solid, inflation is minimal, and corporate earnings and profit margins are at record levels.  Regardless of foreboding headlines, great strides continue in technology and health care and those
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Value table
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