Informed Decisions Drive Better Outcomes

Markets Rise, Bubble Talk Returns

Markets rose steadily across stocks and bonds, U.S. and international, with little drama. In the absence of drama, bubble talk returned, with valuation measures like the Shiller CAPE and Buffett...

Geopolitics Grabbed Headlines. Markets Had Other Plans.

Geopolitics matters, but it’s rarely the force that determines investment results.   Last quarter put that idea to the test. The relentless pace of global headlines – tariffs, conflict in...

Diversification Is Back

Investing in Europe and in value stocks – or really anything not in U.S. tech – has felt like betting against the winners. Diversification is a recognition that winners change. Which is exactly...

Q4 2024 Commentary – The Case for Diversification Remains Strong

Big moves for the S&P 500 are not unusual. Stocks produce long-term averages through a two-step-forward-one-step-back rhythm. Likewise, this decade the S&P 500 has grown 14.5% per year, nearly 100%...

Q2 2024 Commentary

Every bull market, a stock breaks into the Zeitgeist. A few years ago, it was Tesla. This bull market, it is Nvidia.

Roaring 2020s?

In the throes of March 2020 and October 2022, no one foresaw an imminent bull market. Many obsessed over how much deeper stocks would plunge. Per the...

Q3 2023 Commentary – T-Bill and Chill?

The S&P 500 is up 12% this year, cash is paying 5%, and inflation has retreated under 4%. Investors must be feeling pretty good, right?

Q3 2023 Commentary – Summer is Over

This summer felt like a return to normal, a respite from years of nonstop abnormality.

Q2 2023 Commentary

Despite rampant recession-talk heading into 2023, the stock market has had a strong first half of the year. Pessimistic forecasters kept many investors on...