Between the end of last year and mid-February, the market hit a series of all-time highs.  Even with optimism over the prospects for enough vaccine for all Americans by June, the mood of the market seems to have dimmed over the last few weeks. Does this shift suggest we have seen the highs for the [...]

Twenty-twenty (2020) was a year of head-scratching drama. The year started off great with low unemployment, an economy humming along, and the stock market hitting all-time highs in mid-February.  Then things began to fall apart. The pandemic gripped the world's attention; the market sold off roughly 34% in just a little over a month; and [...]

Talk about a roller-coaster – 2020 was the king-daddy of them all!  And while it’s not over just yet, I hope we can feel the intensity of the ride diminishing as if we were coming around that last corner of a real roller coaster. The vaccine is here; treatments and tests for the virus are [...]

As we head toward year-end, it is easy to chalk up 2020 to a crazy year where nothing made sense. Aspects of that might be true for living through pandemic-induced lockdowns, re-openings, and a Presidential election. But since the early days of the initial market sell-off (late February through mid-March), the market is largely [...]

Let me begin by commenting on the election and the market’s reaction thus far. While many likely expected market upheaval resulting from a delayed election outcome, that has not been the case. The market was up sharply on Monday and that trajectory continued through yesterday with the S&P 500 up over 7% through yesterday. Better [...]

As we all continue to navigate these turbulent times, it may be helpful to periodically refocus on why we invest in equity markets and what drives equity markets higher. When we buy stock in a company, we are buying an ownership stake in that company. That ownership stake gives us the right to participate in [...]

Over the past six months, I have written several articles trying to help clients catch glimpses of the economy. We all understand the tremendous shock our economy has taken as a result of this pandemic, but most media outlets provide little help in contextualizing what is happening. In previous emails, I have discussed consumer sales. [...]

About a month ago, I wrote about consumer spending and how credit card data suggested a pronounced recovery from lows hit in late March. We are continuing to see such in data from both government statistics and corporate earnings reports. Last Friday, the government released retail sales data for July 2020. Those data showed an [...]

As the market continues to trudge higher, I continue to hear comments that there must be something wrong with the market. How can the market move higher in the face of the continuing crises this country faces (virus, race relations, upcoming election)?  I am always pleased to take the time to respond to such questions, [...]