Market Outlook What is it about the global economic landscape, and the U.S. equity markets, that would send the S&P 500 down – 13.52% in the fourth quarter of 2018 only to rebound by + 4.20% over the first ten trading days of the new year?  Can we glean any insights that would help us…

Read More

Market Outlook Equity market volatility in October is almost as seasonally reliable as the colorful fall foliage, though certainly not as enjoyable.  Recent moves down in U.S. equity markets of -5% to –7% raise the important question of whether this is the beginning of a bear market or simply a market correction.  Over the past…

Read More

Market Outlook Discerning the key factors driving the current “late cycle” economy is a bit like following cycling team race strategies in the annual Tour de France.  Everything is a bit nuanced and appears, at times, chaotic to the untrained observer.  Please indulge us as we celebrate the annual summer Grand Tour and apply a…

Read More

Market Outlook Well, the transition from the “Plough Horse Economy” to the “Goldilocks Phase”, which we referenced in our January newsletter, appears to have shifted quickly to “Late Cycle Stimulus” concerns.  This shift, prompted by the passage of the February Congressional Budget (in which spending caps were raised by $300 billion) on the heels of…

Read More