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

Market Commentary Q4 – 2016

“Look at me, look at me, I am the Captain Now!” On Election Eve, pollsters predicted Donald Trump’s probabilities of winning at around 12%. By Election night, the world experienced a low probability, high impact event. As Mr. Trump neared 270 Electoral College votes, investors flew to safety: bond prices soared, the dollar sank, and

Market Commentary Q3 – 2016

Only the 1st Three Paragraphs are about the Election …I Promise "What will this election do to my investments?” Almost everyone we talk to seems to be both completely wrapped up and at the same time utterly exhausted with this election, so we will keep it to the first three paragraphs. Our answer always seems

Market Commentary Q2 – 2016

Lost in the Woods On June 24th, more than 30 million citizens of the United Kingdom turned out to vote on the issue off their sovereign state’s future relationship with the European Union. With a surprising 52% majority, the “Leaves” won and the “Brexit” wheels were set in motion. According to The Economist, in the