Investment Comments


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 […]


July Investment Comments

The unemployment rate fell to 4.3% in the most recent Bureau of Labor Statistics release.  A tightening labor market ought to push wages higher, but average hourly wage growth remains subdued at around 2.5%.  This keeps a lid on consumer spending and, in turn, also keeps inflation in check. Low […]


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 […]


March Investment Comments

We have just come through a very strong Q4 “earnings season,” the time of year when companies report their quarterly year-end financial results.  According to FactSet Earnings Insight, authored by John Butters, with 71% of S&P 500 companies reporting as of February 10, the market’s blended sales and earnings growth […]


January Investment Comments

Is it anticipation of better economic growth that has investors in a buying mood, or is it fear of being left out of a powerful rally?  Many investors are skeptical of the current stock market rally because stock valuations were already stretched at a time of slow economic growth.  Recent […]


December Investment Comments

After 34 years, could the secular bull market in bonds finally be ending?  Interest rates spiked—meaning bond prices fell—in the wake of the Republican Party’s shocking electoral sweep.  The move ran counter to conventional wisdom, which says that investors flee to the safety of sovereign debt in times of uncertainty. […]