Back to Reality…

Back to Reality…

After months of eerie calm, stock market volatility has returned. The CBOE Volatility Index (VIX) – a measure of how turbulent investors expect stock markets to be during the next 30 days – appeared to fall asleep in November 2016. For more than a year, a level of...
It Was Not a Good Week for Stocks

It Was Not a Good Week for Stocks

Last week, stock markets around the world lost value. In the United States, the Standard & Poor’s 500 Index (S&P 500), Dow Jones Industrial Index (Dow), and NASDAQ all finished lower. Some pundits have been drawing comparisons between the performance of the...
It’s about time. I was worried the market was broken.

It’s about time. I was worried the market was broken.

Thank goodness the markets corrected last week. The thing can’t just go up and up… and up. The return of volatility is the return to normal. We embrace volatility as the normal operation of healthy markets. In our January client letter we referred to the experience of...
Good News, Siren Song, or ClickBait?

Good News, Siren Song, or ClickBait?

The writing has been on the wall for the last week, but with today’s (October 31, 2017) 1:00 p.m. closing, the S&P 500 Index has just experienced its longest monthly positive total return winning streak since 1950! To give you a sense of how long ago 1950 was,...
Who’s Been Buying Shares of Company Stock?

Who’s Been Buying Shares of Company Stock?

Fewer companies these days. Since the start of the bull market in 2009, U.S. companies have been buying their own stock. Stock buybacks peaked during the first three quarters of 2016 and have dropped off sharply since then, reports Financial Times citing a report from...
Not All Stocks Are Created Equal

Not All Stocks Are Created Equal

It was a good week for a lot of stocks but not bank stocks. The Standard & Poor’s 500 (S&P 500) Index and the Dow Jones Industrial Average (DJIA) both finished at record highs last week. Barron’s indicated investors owe Federal Reserve Chair Janet Yellen a...