February 2012

Facebook, the social media giant, recently announced plans to sell $5 billion in stock in an initial public offering (IPO) this spring. This article is our assessment of the Facebook offering and a description of the salient aspects of it we think potential investors should consider. It is not a recommendation to buy, sell, or not to buy any security. It is for informational purposes only and is not investment advice. Orion Capital Management LLC only provides investment advice to its clients under a written advisory agreement. Now, with that said, let’s dig into the details . . .

Continue reading →

January 1, 2012

In some of the most volatile global markets in recent years, the S&P 500 Index, after a spirited fourth quarter ascent, ended 2011 virtually unchanged from a year earlier.  U.S. investors may be disheartened at having had to suffer all this volatility with no upward progress in the broad markets to show for it, but the reality is that U.S. equity markets notched a solid performance in 2011 given the year’s numerous upheavals, which included the Japanese tsunami/earthquake/nuclear disaster, the Arab Spring, the U.S. sovereign credit rating downgrade and the European debt crisis.  In the tumult of 2011, the U.S. re-emerged as a relative safe-haven for nervous investors.

Continue reading →

October 1, 2011

For equity investors, the third quarter of 2011 was the worst quarter in three years and it brought back to mind the financial market turmoil in the fall of 2008.  A flight of capital out of risk assets and into conservative assets drove the S&P 500 Index 14.3% lower during the quarter and drove yields on the ten-year U.S. Treasury note down to 1.93%, within a whisper of historic lows.  But while the U.S. market is down 10% year-to-date, it is actually one of the best performing large markets in the world so far in 2011.  Germany is down 20%, the U.K. is down 13%, China is down 16% and Brazil is down 24%.  The dollar and U.S. Treasury debt remain safe-havens for global investors in times of uncertainty.

Continue reading →

August 5, 2011

Global stock markets declined sharply this week as a confluence of fears battered investor confidence around the world. The sell-off puts U.S. markets into the red for 2011 and more than 10% below their April highs.

Continue reading →

July 1, 2011

Huge drama surrounding the debt morass in Greece, slowing economic growth in the U.S., weak equity markets in May and most of June. . . . What year am I describing?  2010.  But also 2011.  This year’s second quarter had many similarities with last year’s 2Q, with a number of the same concerns taking hold.

Continue reading →