Market Commentary

Confident?

May 31, 2017

Do you remember that TV game show “Who Wants to be a Millionaire?”  You know, the one that gave contestants a chance to win big money for answering a series of [...]

Show Me the Money!

May 31, 2017

We’ve been worried about earnings quality for quite a while now.  We’ve said that corporate management teams have been using many levers to drive profits higher, [...]

A CapEx Stalemate

May 15, 2017

Last week we received word that Labor Productivity, which is a gauge of US output per labor hour, fell at an annualized rate of 0.6% in the first quarter.  The reading was [...]

A Tale of Two Indices

May 9, 2017

According to Wikipedia, “a stock index or stock market index is a measurement of the value of a section of the stock market. It is computed from the prices of selected [...]

Dodging Landmines

April 18, 2017

On Tuesday, April 11, 2017, Michael sat down to give a message on the markets: stocks continue to hold up nicely but are expensive, investors must be careful in calling the [...]