2nd Quarter Client Note – Tribulations of a Value Investor

Stock markets around the globe had their best first six months in years. In the second quarter, The S & P 500 (total return) Index gained 3.09%; bringing the total increase to 9.34% thus far for the year. US Large … Read more…

1st Quarter Client Note

The “Trump Bump” continued unabated in the first quarter. The S & P 500 (total return) Index gained 6.07%; tacking on to the 3.82% increase in the fourth quarter of 2016. In a reversal from last year, the gain was … Read more…

4th Quarter Client Note

Now that was exciting. With the surprise election of Donald Trump as President of the United States, the S & P 500 (total return) Index gained 3.82% during the fourth quarter – and more than 5% since election day. The … Read more…

3rd Quarter Client Note

Markets continued to move higher in the 3rd quarter. The S & P 500 (total return) index was up 3.85% and 8.12% year-to-date. The small cap Russell 2000 index increased 9.05%. Foreign markets, which have underperformed significantly over the last … Read more…

2nd Quarter Client Note

The S & P 500 (Total Return) Index gained 2.46% in the quarter; but not without a whipsaw caused by the June 23rd vote in Great Britain to leave (Brexit) the European Union. Two days of steep losses (over 5%) … Read more…

1st Quarter Client Note

The S & P 500 (Total Return) Index gained 1.35% in the quarter. This was no mean feat considering what was occurring in January. The first two weeks of January welcomed the worst start to a year for the S … Read more…

4th Quarter Client Note

The stock market actually achieved a sizable gain in the fourth quarter. But it sure didn’t feel like it. Going in to the quarter the S & P 500 (Total Return) Index had been down 5.29% for the year. So … Read more…

3rd Quarter Client Note

The extreme volatility during the last week of August virtually ordained the market’s performance for the quarter. Stocks were weighed down by China’s slowing economy and the continuing pressure on commodity prices (especially oil.) China has accounted for approximately half … Read more…

Living Near the Fault Line

Unless you haven’t been paying attention (and kudos if you haven’t) you know that the last week or so has seen a significant sell off in the world stock markets. Ordinarily, I’m loath to fall into the financial media’s trap … Read more…

2d Quarter Client Note

There was plenty of noisy global economic and financial news in the second quarter. The Commonwealth of Puerto Rico is teetering on the verge bankruptcy. The Chinese stock market looks like a monopoly game. And the debt negotiations between Greece … Read more…