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, [...]

As we head toward the July 4th holiday, the news media continues to blare out a mixed bag of headlines. One day viral infections are surging and the market is plunging; the next day, things are perhaps getting better and the market is surging. The news media is always looking for a story to support [...]

As you have probably heard by now, the jobs report for May came in much better than expected. Analysts were expecting a LOSS of more than 8 million jobs and an INCREASE in the unemployment number to something close to 20%. The actual report instead showed an INCREASE of 2.5 million jobs and a DECREASE [...]

A comment I hear from clients, friends, and others on a fairly consistent basis relates to a disconnect between the market’s performance over the past month or so and their perception of where we are in our journey through this viral pandemic. I often hear questions like: Why is the market up so much if [...]

An article that appears in Capital at Play – May 2020 issue.  Click below to read the article. https://www.capitalatplay.com/the-most-powerful-force-in-the-universe/