Market Commentary

Cognitive Dissonance

July 24, 2020

The S&P 500 continues to grind higher, and it is now just 3.5% away from the all-time high posted in February. As is usually the case with bull markets, good news is [...]

Banks Go on Defense

July 1, 2020

Steady growth in consumer spending is the key to a robust US economy, and right now the outlook doesn’t look all that promising.  We discussed in our June 18 Market [...]

The Nifty FAANGs

June 25, 2020

At the risk of sounding repetitive, I feel compelled to revisit a trend that has been remarkably consistent and powerful over the past several years. A small number of very [...]

Closing the Gap

June 19, 2020

It appears that the S&P 500 has settled into a trading range after making a run at its all-time high earlier this month.  The index currently sits about 8% from record [...]

The Paradox of Thrift

June 4, 2020

We received some fairly stunning data out of the Bureau of Economic Analysis (BEA) last Friday.  The government agency reported that Personal Income rose at a huge 11.7% [...]

My Pandemic Portfolio

May 14, 2020

My friend and investor RJ Lewis provoked a discussion on social media this week.  He brought up a point made recently by Ray Dalio, the high-profile money manager at [...]