Investment Comments


April Investment Comments

Stock investors as a group seem like a bunch of manic depressives, present company excluded of course.  We worry when the economy doesn’t grow much because recessions accompany bear markets and we certainly don’t like those.  But we also fret when the economy does too well because that could result […]


March Investment Comments

After two years of a steadily rising stock market it finally happened: the dreaded correction.  Corrections are defined as at least a 10% drop in market value after achieving a peak.  On Thursday, February 8th the Dow Jones Industrial Average finished the day at 23,860.46, down 10.4% from its peak […]


January Investment Comments

The S&P 500 has continued its run, returning more than 17% year-to-date through November.  The steady rise this year, with only modest turbulence, has increased the number of market observers highlighting an “overheated” market where investors have become complacent.  Not to completely dismiss these concerns, but a fact-based analysis helps […]


December Investment Comments

How Important Is Tax Reform to the U.S. Markets? The U.S. economy and the rest of the world look generally healthy.  That’s something we haven’t been able to say since before the 2008-2009 global financial crisis.  Since that time, major parts of the world have either been in recession or […]


November Investment Comments

The S&P 500 gained 2% last month and is now up 14% for the year.  According to finviz.com, every sector registered gains, with financials and technology leading the way. Third quarter “earnings season” is off to a strong start.  According to FactSet, with 6% of the S&P 500 reporting as […]


September Investment Comments

“Is there anything left to be made in the stock market?”  “Everything seems so overpriced.”  “The market is so high.”  “Stock prices are ahead of earnings.”  All of these are actual quotes I’ve recently heard from clients and friends.  Investors have spoken the latter three a majority of the time […]


May Investment Comments

With the S&P 500’s forward P/E ratio at approximately 17.5x, stocks continue to trade at an elevated multiple relative to the 25-year average of just under 16.0x.  Per usual, the current environment includes reasons for both optimism and pessimism.  On the positive side for markets, earnings are growing, the Trump […]


April Investment Comments

As investors are well aware, the post-election rise in the S&P 500 has reached double-digit proportions in just over four months.  Recently, we have noticed media speculation that the bull market must be coming to an end since individual investors are “euphoric” over stocks.  Many market professionals sneer that individual […]