The good news is that the S&P 500 Index provided a 10.6 percent total return in the first quarter of 2013. Once again, we outperformed the market – but not by enough to brag about this time. This has been the best
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The two best years for the stock market since 2000 were 2003 and 2009; the first was a rebound from the tech crash and 2009 was a rebound from the banking crash. 2012 was the next best year. The S&P Index itself
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Once again the stock market has confounded conventional wisdom, this time by rallying during the traditionally weak period of August and September. Many market observers felt that the quiet period during August was the calm before the September storm. But the market
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After a very strong first quarter, the stock market took back about three-quarters of those gains by early June only to rally strongly in June – particularly on the last day of the quarter. The market’s retreat was due to sobering economic
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Late on Friday March 9, Greece effectively defaulted. On the following Monday, the stock market yawned. One day later, it closed up nearly 2 percent. Who’d have imagined that? In retrospect, the best part of my last letter stated: “history has shown
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This year truly was a roller-coaster – an unnerving ride that ended up almost exactly where it began. The news from Europe mattered more than news from individual companies. The European debt crisis produced a lot of volatility, particularly after July. The
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This year truly was a roller-coaster – an unnerving ride that ended up almost exactly where it began. The news from Europe mattered more than news from individual companies. The European debt crisis produced a lot of volatility, particularly after July. The
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It is easy to forget how quickly markets can adjust to changed perceptions of economic prospects and risks. The S&P fell about 226 points, from 1345 to 1119, or 16.8%, in only ten trading days in late July and early August. Since
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The second quarter was not an easy one, as the stock market churned. It peaked in late April and sector rotation made it hard to capture large gains in any industry group. That sector rotation left us in some of the wrong
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Stocks rallied in the first quarter of 2011 in part because the Fed is trying to push up asset prices. This is an effort to spur a positive psychology and to create a wealth effect that will stimulate economic growth. Other reasons
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