A Frank Discussion About Aging

Two recent developments have placed the financial status of older Americans in sharper focus.  One development was a report from trustees for Social Security and Medicare.  In 2020, Social Security revenue will be insufficient to pay benefits, requiring the fund to dip into its reserves for the first time since […]


May Investment Comments

After a strong start to 2019, markets have recovered from the significant declines experienced in last year’s fourth quarter.  Much of the rebound can be attributed to the relatively abrupt pivot by the Federal Reserve at the start of the year to be patient with further rate increases, versus a […]


Charitable Giving

In December 2017, the Tax Cuts and Jobs Act became law.  This new law created sweeping changes to the tax code that has impacted the landscape for charitable giving. For example, the standard deduction has been greatly increased, whereas some itemized deductions have been reduced or eliminated.  While tax deductions […]


April Investment Comments

“With our policy rate in the range of neutral, with muted inflation pressures and with some of the downside risks we’ve talked about, this is a good time to be patient,” according to Federal Reserve Chairman Jerome Powell.  Comforting statements like this have helped restore investor confidence just as Powell’s […]


Rich Kid Poor Kid

Dear Clients, I have a favor to ask.  If you have a minute and the inspiration strikes, would you please reach out to me with any anecdotes or observations about how money has affected your family, for better or worse? I’m particularly interested in relationships between parents and kids, something […]


March Investment Comments

So far, 2019 has been kinder to investors than was the finish to 2018.  A combination of stronger-than-expected earnings, a more accommodative Federal Reserve, and a strong labor market has supported the full recovery from December’s 9% loss for the S&P 500. On the earnings front, results are coming in […]


“Sell, Mortimer! Sell!”

The line, “Sell, Mortimer!  Sell!” comes from the iconic 1980s movie, “Trading Places,” where the film’s heroes, played by Eddie Murphy and Dan Aykroyd, get the better of villains Randolph and Mortimer Duke while trading orange juice futures contracts—which is yes, a real thing.  In the pivotal scene, Murphy and […]


February Investment Comments

Volatility returned to the stock market in 2018, ending the gentle melt up that investors had enjoyed.  The S&P 500 dropped at least 10% in three separate months last year—February, October, and December.  Stocks battled back bravely from the first two corrections, but a weak December finally torpedoed the S&P’s […]


Investors Need More Information, Not Less

President Trump often announces his policy interests through twitter.  Last August 17th he tweeted this: It was later learned that the idea for dropping quarterly reporting came from a conversation with former Pepsi CEO Indra Nooyi that focused on ways to improve job growth.  Mr. Trump was quoted in the […]


January Investment Comments

Investors hoping for a year-end rally have instead been treated to increased market volatility.  A near 5% decline in its first week was the market’s worst start to December since 2008, though this drop followed what was the S&P 500’s best week in almost seven years.  The recent turbulence is […]