price-to-earnings multiples

Valuations Matter

February 10, 2016

I’ve been writing for a couple years now that much of the appreciation in stock prices over the past six-plus years has been the result of central bank largesse, and [...]

Bonds and Borrowed Time

July 24, 2013

Bond market investors had a tough first half. When interest rates rise, bond prices fall. This is confusing for a lot of folks, so imagine you own a ten-year treasury note [...]

Quarter-Ending Thoughts

July 8, 2009

After exceptional lows in March, markets rallied in the second quarter. While the advance was broad-based, the groups that suffered most in the decline bounced most. Banks [...]