Posts by Bryan Taylor
COVID-19: The Unknown, Unknown
There are known knowns, things we know that we know; and there are known unknowns, things that we know we don’t know. But there are also unknown unknowns, things we do not know we don’t know. – Donald Rumsfeld U.S. Secretary of Defense 2001-2006 A couple of months ago we kicked off a new year,…
Read More3Q 2019 Cornerstone Commentary
Capitalism works because it encourages and rewards those who successfully take risks, adapt to change, and develop profitable opportunities. – Henry Blodget The story of the third quarter may be told in terms of tweets and monetary policy. Donald Trump continued his tweeting barrage, but his tweets related to the trade war with China and…
Read More2Q 2019 Cornerstone Commentary
It wasn’t raining when Noah built the Ark. – Warren Buffet The second quarter of 2019 proved to be quite interesting for investors. The first quarter rally continued into April only to be followed by a scary drop in May precipitated by aggressive trade rhetoric and recessionary fears. U.S. Fed Chair Jerome Powell came quickly…
Read More1Q 2019 Cornerstone Commentary
Whoso would be a man, must be a non-conformist…Nothing is at last sacred but the integrity of your own mind. – Ralph Waldo Emerson After the disastrous decline of the fourth quarter compounded by a dismal December, the first quarter provided welcome relief to beleaguered equity holders. In the face of ongoing concerns including a…
Read More4Q 2018 Cornerstone Commentary
Courage is resistance to fear, mastery of fear, not the absence of fear. – Mark Twain What a difference a quarter makes; from the highs of September the market plumbed new lows in December! As of our last missive, we had expected early 4th quarter negativity to give way to a year-end rally. Instead, the…
Read More3Q 2018 Cornerstone Commentary
People’s spending habits depend more on how wealthy they feel than with the actual amount of their current income. – A.C. Pigou (English economist, The Theory of Unemployment) Equities rebounded in the third quarter, but despite the improvement in U.S. equities, a strengthening dollar and continued tightening by the Federal Reserve proved challenging for other…
Read More2Q 2018 Cornerstone Commentary
Volatility continued to be a significant factor in the second quarter of 2018. Surprisingly, REIT’s rallied strongly and along with small cap domestic stocks led the way as we reached the half-way mark of 2018. The rally in REIT’s is of particular note because of the continued upward trend in interest rates and may reflect…
Read More1Q 2018 Market & Economic Commentary
The first quarter of 2018 certainly proved to be significantly more dramatic than 2017! Following a very strong January, the market tanked in February, down 10% descending rapidly into correction territory. However, despite global trade concerns, markets managed to stage a comeback in March, ultimately ending the quarter just below break-even. Source: Dimensional Fund Advisors…
Read More4Q 2017 Market & Economic Commentary
Well, 2017 is in the history books. In many ways it was a banner year, and yet due to declining volatility throughout the year there was little market drama of note. Rather, the market simply marched higher and higher throughout the year with nary a 3% decline to be found. The S&P 500 moved up…
Read More3Q 2017 Market & Economic Commentary
While news about Hurricanes Harvey and Irma dominated the headlines during the latter part of the 3rd quarter, markets continued their steady march toward new highs. Despite the significant disruption to the Gulf Coast economy brought about by two substantial storms, U.S. economic growth remained robust. It is significant to note that despite their destructive…
Read More