Stock market momentum accelerated to the downside this quarter. Some may see this as ironic in that the economy has been gradually strengthening to a 3.9% GDP growth rate now, but markets look ahead. As you recall, returns were modestly positive in
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The stock market held its ground this quarter despite warnings about everything from valuation to Greece. The S&P 500 Index edged to a positive total return of 0.28% thanks to dividends. The Dow Jones Industrial Average was marginally lower and the broader
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The S&P 500 Index moved marginally higher in the first quarter, providing a total return of 0.95%. The Dow Industrial Average declined a touch, and the broader market as reflected by the Russell 200 Index did the best with a gain of
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We made reasonably good money in 2014 even though the market was not nearly as cooperative as it was in 2013. While the S&P 500 provided a total return of 13.57%, the broader market as measured by the Russell 2000 Index lagged
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The markets made some marginal new highs during the quarter, but could not hold them. The S&P 500 Index eked out a gain of 1.13% (total return), but the broader market as measured by the Russell 2000 Index weakened considerably, posting a
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The stock market continued to grind higher this quarter. It feels like The Little Engine That Could that is trying to pull a reluctant economy along with it. Although the stock market has outpaced gains in the overall economy for quite awhile,
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After sprinting ahead in 2013, the market paused this quarter to catch its breath and re-assess economic conditions, geopolitical events, and corporate developments. It was down in January, and up nicely in February. Then March came in like a lamb, and went
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Last year at this time, we looked ahead to 2013 and noted “the potential for PE expansion of 12% just to get back to the mean level for the decade. Add 5% earnings growth and we have the potential for another double
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I feel like we’re climbing a mountain, reaching new heights, ascending ahead of most other hikers, but walking on a path that is getting narrower and has a little too much loose gravel. The view is pretty good, but there is a
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The stock market continued to defy skeptics by moving even higher in the second quarter, but at a much slower rate of gain than in the first quarter. The deceleration was due in large part to a 6% selloff over a four
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