Market risk tends to be poorly rewarded when market valuations are rich and interest rates are rising.” -John P. Hussman, Ph. D. Relative to Q1 of 2021, Q2 was decidedly anticlimactic!  However, the positive news for investors was that the market continued to rally and did so in a decidedly undramatic fashion. Volatility declined to…

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There have been three great inventions since the beginning of time: fire, the wheel, and central banking. -Will Rogers The first quarter of 2021 witnessed a dramatic extension of the 2020 global equity rally.  Led by smaller capitalization equities, virtually every sector of public equity markets moved higher during the quarter.  Drama at the capitol,…

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We should never despair, our situation before has been unpromising and has changed for the better, so I trust, it will again. If new difficulties arise, we must only put forth new exertions and proportion our efforts to the exigency of the times. -George Washington Regardless of your political affiliation, the fourth quarter of 2020…

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The rally continues! The market continued to rally throughout the third quarter of 2020. Despite a pullback in mid-September, the broader equity market rallied more than 8% during the quarter.

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“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…

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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…

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Those persons are happiest in this restless and mutable world who are in love with change, who delight in what is new simply because it differs from what is old; who rejoice in every innovation, and find a strange alert pleasure in all that is, and that has never been done before. – Agnes Repplier…

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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…

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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…

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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…

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