Market and Economic Updates


“Come what may, all bad fortune is to be conquered by endurance.” –Virgil, Roman poet, born 70 B.C. We hope your 2019 is off to a rousing start. Whether you reached your personal goals in 2018, faced challenges, or are looking for a 2019 reboot, let’s take a moment to hit on the key themes for the rest of this year. What’s in store for 2019 While 2018 began with unbridled optimism, caution quickly entered the picture, and most...

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“You’d be making a terrible mistake if you stay out of a game you think is going to be very good over time because you think you can pick a better time to enter it.” Warren Buffett General Principles It is worth restating, even in the context of a letter primarily focused on the year just past, our overall philosophy of investment advice. It is goal-focused and planning-driven, as sharply distinguished from an approach that is...

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After a period of relative calm in the markets, in recent days the increase in volatility in the stock market has resulted in renewed anxiety for many investors. From September 30–October 10, the US market (as measured by the Russell 3000 Index) fell 4.8%, resulting in many investors wondering what the future holds and if they should make changes to their portfolios.1 While it may be difficult to remain calm during a substantial...

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“This is the single greatest challenge long-term investors face: finding new reasons not to sell.” Michael Batnick, Director of Research, Ritholtz Wealth Management On August 22, 2018, the U.S. Stock market celebrated a bull run of 3,453-days.  This is the longest bull market ever.  That’s right.  After nearly 9½ years, the markets are still going strong. They have risen from 677 points during the deep, dark days of the great...

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“A flat yield curve, or even an inverted one, should not be on top of our worry list under today’s accommodative monetary conditions,” –Burton Malkiel, Princeton professor of economics and author of “A Random Walk Down Wall Street”, July 31, 2018 Recently you have probably heard or watched business television network entertainers, such as those on CNBC or Bloomberg Television, pontificate about a flattening...

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I don’t focus on what I’m up against. I focus on my goals and I try to ignore the rest. -Venus Williams, American professional tennis player, 2nd in all-time rankings Last year, stocks marched higher with only minor pullbacks.  The largest decline from peak-to-trough for the S&P 500 Index last year was just under 3%.  It was a year that lacked turbulence and rewarded diversified investors.  Since February 1, volatility...

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