Posts by Bryan Taylor
2Q 2020 Cornerstone Commentary
“The death of contrarians has been greatly exaggerated. The reason is that the crowd is the market for most of any cycle. You cannot be contrarian all the time, otherwise you end up simply fighting the tape the whole way up (or down), therefore being wildly wrong. -Barry Ritholtz The second quarter of 2020 started…
Read MoreAn Optimistic Assessment
A good general [or trader] plans in two ways: for an absolute victory and for an absolute defeat. The one enables him to squeeze the last ounce of success out of a triumph; the other keeps a failure from turning into a catastrophe. – Max Brand As the second quarter of 2020 comes to an…
Read MoreRelief Rally
You seldom get what you go after unless you know in advance what you want. Indecision has often given advantage to the other fellow because he did his thinking beforehand. – Maurice Switzer After experiencing a March many of us would rather forget, April was a welcome relief. During March, the viral curve was rising…
Read MoreReflections 4.17.20
In lieu of a typical commentary on markets and the economy, we thought something a bit different might be helpful. Consequently, we are sharing a few short thoughts on decision making in times of uncertainty. We all like to think we are rational and that we make rational decisions on a regular basis. Perhaps in…
Read More1Q 2020 Cornerstone Commentary
It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it…
Read MoreThe End of the Beginning ….
No this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning. – Winston Churchill Perhaps some are breathing a sigh of relief: the 1st quarter of 2020 is over. The quarter began with such promise. It was a quarter which saw new…
Read MoreInsight for Nonprofits on the CARES Act
Cornerstone would like to make available the following links to some helpful resources on the CARES Act from the accounting firm CapinCrouse, a leading provider to nonprofit organizations. Key Provisions of the CARES Act How the Paycheck Protection Loan Program Applies to Nonprofit Organizations As always, our team at Cornerstone is available to assist you…
Read MoreIntervention: A crisis averted?
There’s almost no chance of a recession this year. – Barron’s Roundtable (January 2020) “Speculators are obsessed with predicting-guessing-the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron’s, every week in dozens of market newsletters, and whenever business people get together.” – Seth Klarman…
Read MoreThe State of Fear
I would define True Courage to be a perfect sensibility of the measure of danger, and a mental willingness to endure it. – General William T. Sherman What a difference a couple of weeks makes! It seems like ages ago that we were concerned about the growing impact of the COVID-19 Virus on Italy and…
Read MoreCornerstone Covid-19 Response and Business Continuity Plan
As a Registered Investment Advisor, Cornerstone Management is required by the Securities and Exchange Commission to maintain a business continuity plan to be implemented in the event of a range of potential significant business disruptions (SBDs). We have updated our plan to further incorporate the unique impact of the Covid-19 outbreak and the current response…
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