Our Commentary

One Number Every Investor Must Know

The most important number for any investor to know is not the level of the S&P 500 or the yield on the 10-year Treasury or any other number related to the financial markets. Instead, to invest comfortably and productively through bull and bear markets alike, an investor must know his or her own personal Risk Number.The […]

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Why Stocks Are Ignoring Trump

There are two things going on in Washington that one might think would cause stocks give up some ground:  the legal challenges of several of President Trump’s associates and the ongoing trade disputes with China, the European Union, Canada and, until recently, Mexico. Despite these uncertainties, stocks are trading just below their all-time highs after […]

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The Market’s Main Event: Tariffs Versus Earnings

After declining modestly in the first quarter, U.S. stocks (as measured by the S&P 500 Index) regained lost ground in the second quarter and reached the mid-year mark with a year-to-date gain of 2.6%.  The Dow Jones Industrial Average, however, remained underwater by 0.73%, possibly because its 30 constituents are more reliant on global manufacturing […]

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A Hard-To-Please Market

U.S. companies are nearly finished reporting remarkably strong first quarter results. Earnings for S&P 500 companies vaulted up by 25% from last year’s figures, a nearly unheard-of jump this late in an economic cycle. Such spikes in earnings may occur coming out of a recession, after earnings have been depressed, but are very improbable in […]

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US economy Stock market headwinds

Headwinds and Tailwinds Collide, Roiling Markets

Though the U.S. economy remained on firm ground in the first quarter of the year, growing by an estimated 2.8%, the new year has started with markets behaving very differently than in the recent past.  In the last couple of years, markets have been characterized by steady, positive returns accompanied by below-average volatility.  The first […]

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