The Quarter in Charts – Q1 2019

If there was ever a quarter that demonstrated the changing nature of investment markets, it was the first quarter of 2019. Below, we’ll walk through the critical themes of the quarter touching specifically on the yield curve and the possibility of a recession. Asset Class Returns So far in 2019, investors have experienced double-digit returns

The Quarter in Charts – Q4 2018

The Year That Diversification Missed The chart above captures much of why investors felt they had nowhere to hide in 2018; because they didn't. For the first time in decades, no major asset class beat inflation. Meaning, if we could travel back in time a year, the absolute best investment for most investors would have

On Market Volatility and What to Believe

“They were told where they belonged, and they acted accordingly.” In his book, Predictably Irrational, Dan Ariely highlights how our understanding of our current situation impacts how we will behave in the future. “One stereotype of Asian Americans, for instance, is that they are especially gifted in mathematics and science. A common stereotype of females

The Quarter In Charts – Q2 2018

Below are some pictures that help illustrate the current investment landscape. All of these charts show us where we’ve been, but none guarantees to show us what will happen in the future. Even though valuations tend to “revert to the mean” and certain data points can be leading indicators, nothing is guaranteed. In fact, that’s

Q1 2018 Market Commentary

The Return of Investor Pain and Volatility Every few weeks, Jonathan slides a chair up to my desk and pulls out an updated version of a chart, the Investor Pain Index. If you search for it online, you won’t find it. To call it “proprietary” would be accurate but (says Jonathan) far too complementary. The

Q3 2017 Market Commentary

“All analogies break down if taken too far, just like a car. Only there’s no gas station & maybe the mechanic is an editor or logician & also…”  – Ken Jennings, Jeopardy Champion Against the advice of Ken Jennings, and in order to better understand the stock market, we often talk about a different asset