August Investment Comments

It may not feel like it, but financial markets have actually been pretty quiet lately.  The S&P 500 just posted a flat month.  Its six-month performance is also flat.  The U.S. dollar has been stable lately at the low end of a range it entered at the start of early […]


A Childlike Sense of Wonder

The days blend together, don’t they?  That’s the feeling of predictability.  We develop a routine that’s comfortable, and we don’t change, no matter how bored we get.  We grow jaded. To keep things fresh, we’re supposed to try to preserve our childlike sense of wonder.  That sounds great, but what […]


June Investment Comments

After rebounding nicely from mid-February lows, the S&P 500 has been flat.  The break from volatility has been welcomed, but investors would like to see share price gains.  While there is good reason to believe the balance of 2016 will see progress, lack of earnings growth and elevated market valuation […]


The Aspirational Investor

I often read Jason Zweig’s column in the weekend edition of the Wall Street Journal.  On January 16/17 of this year he discussed the daily swing of the S&P 500 by at least 1% on seven of the first 10 trading days of 2016 and how the impact of that […]


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April Investment Comments

The S&P 500 spooked investors by dropping 10% in the first three weeks of 2016.  After seven straight years of positive total returns for the S&P, it looked like the jig might finally be up this year.  However, the index has rallied sharply, starting in early February and is now […]


Why Stocks are Always Down

Why are my car keys always in the last place I look?  Because I stop when I find them, of course. How come if I have a 50/50 chance of pressing the correct button on the cable box, pulling the correct lever to pop my car’s hood, or spinning my […]


March Investment Comments

So far this year global markets are unsettled and grinding lower.  The U.S. stock market has crossed over the loss threshold of 10% since July of last year, the definition of a “correction.”  While stocks tend to be a reasonable predictor of future economic performance, there is a famous quote […]