Market and Economic Updates


“It belongs to the imperfection of everything human that man can only attain his desire by passing through its opposite.” —Soren Kierkegaard, Danish philosopher, theologian, and poet Bright start to the new year First, let’s take a look back at December.  A headline in TheStreet.com summed it up well: “Dow Gains on Last Day of Worst December Since the Depression.”  Even a 7% bounce in the final week of the...

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“The idea that a bell rings to signal when investors should get into or out of the market is simply not credible. After nearly 50 years in this business, I do not know of anybody who has done it successfully and consistently.”— John Bogle, founder of Vanguard and inventor of the index fund The steady diet of concerning headlines from around the world has been unsettling for most Americans, regardless of where they sit on...

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“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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