July 19, 2017 | Investment Notes, Quarterly Commentary
“Believe none of what you hear and half of what you see.” Benjamin Franklin These days, we are inundated with fake news, market commentary by analysts who parrot the opinions of their peer group, overwhelmed with data but little information and unable or unwilling to make hard choices based on daily changing news. Franklin’s truisms, while...
May 10, 2016 | Investment Notes
“Always act in accordance with the dictates of your conscience, my boy, and chance the consequences.” W.S. Gilbert Last month, the Department of Labor published new regulations for advisors working with retirement plans and IRAs. This new fiduciary standard compels the advisor to “act in the best interest of the client”. We ask, what took...
April 13, 2016 | Investment Notes, Quarterly Commentary
“If we don’t change the direction we are headed, we will end up where we are going.” — Jodi Picoult The markets zagged and zigged dramatically during the quarter and ended about where they began at the beginning of the year. For the first half of the quarter, fear dominated market sentiment. Oil prices plunged to their lowest level...
April 1, 2016 | Investment Notes
Investment Views Our investment team makes a series of investment decisions based upon our current outlook on the US and global economy, global equity and fixed income markets. Every quarter, we produce new capital market estimates that we use to manage our portfolio allocations within and between major asset categories and subclasses in order to...
February 2, 2016 | Investment Notes
“In these matters the only certainty is that nothing is certain.” Pliny the Elder Uncertainty paralyzes. When we don’t have certain knowledge, our inclination is to stand still, observe and do nothing. When we know more, we act. In hindsight, everything is clear. Looking backward doesn’t tell us what will happen next, but past experience...
January 18, 2016 | Investment Notes
Investment Views Q1 2016 Our investment team makes a series of investment tilts based upon our current outlook on the US and global economy, global equity and fixed income markets. Every quarter, we produce new capital market estimates that we use to manage our portfolio allocations within and between major asset categories and subclasses in order to...
January 8, 2016 | In The News
TheStreet and other publications picked up a recent quote from our investment commentary regarding market volatility and expectations for 2016. Our basic philosophy remains to stick with a long term investment plan that fits your investment portfolio and risk tolerance. We’re happy to share the article link here: https://www.mainstreet.com/article/why-investors-should-avoid-selling-stocks-to-protect-retirement-portfolio
January 7, 2016 | Investment Notes, Quarterly Commentary
2015 year-end review “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” William Arthur Ward For the last 50 years, the S&P 500 has returned an average of 9.7% (total return) per year, fueled primarily by economic growth, corporate earnings and dividend payments. The stock index has been...
October 6, 2015 | Investment Notes, Quarterly Commentary
“Human misery must somewhere have a stop; there is no wind that always blows a storm.” (Euripides) The third quarter of 2015 in review Equity markets had their first correction in nearly four years in the third quarter, beginning with a drop of more than 10% in a seven day span in mid-August. Markets immediately recovered nearly half of the losses,...
July 7, 2015 | Investment Notes, Quarterly Commentary
“Never think that lack of variability is stability. Don’t confuse lack of volatility with stability, ever.” (Nassim Nicholas Taleb) Market Review Equity markets zigged and zagged during the second quarter, with non-US developed markets up nearly 12% at one point in mid-May, but falling back to earth in the last half of the second quarter,...