September 2016 Quarter Review

Our quarterly review was delayed for the Presidential election. This election felt the way we imagine a black hole to be: An unnatural swirling gravitational vortex that consumes all light and matter. Try as we might, it was impossible to dismiss the election and we...

June 2016 Quarter Review

Each quarter we pause, take a look in the rearview mirror and think of what to write for this section of our quarterly update. The last several quarters it seems we don’t need to change the commentary at all. Simply leave the text that called the most recent quarter...

March 2016 Quarter Review

The U.S. equity indicies managed to end the quarter with slight gains after a dismal start to the year. Several negative economic headlines combined with already weak earnings expectations to sink the S&P 500 more than...

December 2015 Quarter Review

The global stock markets rebounded in the fourth quarter of 2015 after the worst quarterly performance since 2008. Investors have been “buying the dip” since 2008 and the recovery in the fourth quarter was enough to push the S&P 500 nearly back to even for the...

Market Update January 2016

We have to confess, we would feel better about last week’s decline in the global equity markets if 2015 had been a bit more positive. Unfortunately our negative outlook for stocks at the beginning of 2015 is finally proving prescient. Slightly more than a week ago the...