December 2018 has been a miserable month and we’re having the worst quarter in a decade. What should we expect from here?

December 2018 has been a miserable month and the end of a terrible quarter for the stock market.  Unrelenting volatility and sales pressure has driven returns lower by the day. How bad is it? As of this writing (on Christmas Eve), the S&P 500 has declined 19.3% this quarter.  Using … Read more »

Market Volatility and Program Trading

Yesterday’s market action demonstrates the reason why the market is so volatile.  We see a clear cause and effect between market volatility and program trading. Technical traders move markets. Technical traders manage billions of dollars in investments with complex computer models and algorithms.  For these investors, one important indicator of … Read more »

April 2018 Market Commentary and Outlook

Following an incredible year that enjoyed better than average market returns and remarkably low volatility, the market’s smooth ride turned rather chaotic during the first quarter.  January began the year with an impressive gain, with the S&P 500 increasing 5.7%, which is the best January return in 21 years.  Then … Read more »

Thinking About the Recent S&P Correction from a Historical Perspective

Mark Twain once said, “history doesn’t repeat itself, but it often rhymes.”  The same can be said about some of the stock market activity in recent years.  We believe there are striking similarities between last month’s market correction (a correction is a loss of 10% or greater) and two other … Read more »

Modern Portfolio Theory Remains Relevant Many Years After Its Introduction

For most of our clients, the diversification of investments suggested by modern portfolio theory is an essential element in achieving the long term returns necessary to achieve their financial goals.  Simply put, you don’t want to have too many eggs in one basket. I recently had an opportunity to contribute … Read more »

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