Jan 16

4th Quarter Client Note

By Steven Smith | Newsletters

Unquestionably the biggest economic story of 2014 was the price of a barrel of oil dropping over 50% since June –from over $100/barrel to $50/barrel. This was the result of three phenomena: 1) the enormous increase in US production over the last few years, 2) falling demand due to the increased use of alternatives and […]

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Oct 15

3rd Quarter Client Note

By Steven Smith | Newsletters

What goes up must come down. I always attributed that idiom to Blood, Sweat & Tears and their 1969 hit song, Spinning Wheel (which peaked at No. 2 before it came down.) But apparently the real author is Sir Isaac Newton back in the 17th Century. Go figure. But with the post 2008 bull market going […]

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Aug 25

Supreme Court Gives Two Thumbs Up to Modern Portfolio Theory

By Steven Smith | Investment Management , Meanderings , Money , Risk Management , Wealth Management

In our estimation, the last week of the United States Supreme Court’s 2013/2014 term was a watershed for Modern Portfolio Theory and the Efficient Market Hypothesis; two essential components in the notion that publicly available information is rapidly incorporated into the prices of securities traded in a robust public market. For a generation now, intelligent […]

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Apr 17

1st Quarter Client Note

By Steven Smith | Newsletters

Stocks picked up – not quite where they left off in 2013 – with a respectable gain. Following a remarkable 32.39% gain in 2013, the S & P 500 Index increased 1.81% in the quarter; but not without a little bit of excitement and the re-emergence of volatility. The news was ever changing: Congress passed […]

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