Our market commentary highlights our current views and analysis of global stock, bond, and commodity markets.
Stock performance year-to-date has been a mixed bag with the vast majority of gains concentrated in mega-cap, domestic technology companies.. For example, the median year-to-date return for the largest 10 companies (using only the A-share class of Alphabet’s stock) in the S&P 500 is 30.4% as of July 1st. The median year-to-date return of the other 490 companies in the S&P 500 Index is a just 2.9%
Stocks continued their ascent to new highs into the new year, led by names at the forefront of artificial intelligence (AI) such as Meta, NVIDIA, Amazon, AMD, and Super Micro Computer. International stocks also edged higher, with the MSCI Europe, Asia, and Far East (EAFE) Index climbing 5.8% through the first quarter (MSCI) while bonds
Q2 Commentary – S&P 500 Concentration, Stock Picking, and Global Portfolio Management Read More »
2023 started with a bang. On the heels of a 4.25% increase in the federal funds rate in 2022, regional banks were hurting, leading to the failures of Silicon Valley, Signature, and First Republic. Congress got comparatively little done in 2023, with the biggest laws passed including one to temporarily suspend the federal debt limit
2024 Economic & Market Outlook: Congress Passes the Baton to the Fed as Inflation Eases Read More »
The US economy chugged along through the summer, with the sub-4% unemployment indicating little strain in the labor market and corporate earnings holding steady. The inflation rate has climbed since June from 3.1% to 3.7%, but considering the annual inflation rate for the US was at 8.9% last summer, there has been a lot of
2023 Year-End Outlook and the Grind Down to 2% Inflation Read More »
2023 thus far could be summed up with two words: Artificial Intelligence (A.I.). Companies with major stakes in A.I., including Microsoft, Google, Nvidia, Meta, and Apple have each posted year-to-date gains of over 40%. Many investors view this new technology as a game changer for business efficiency and profitability and have piled into A.I. stocks,
Q3 Economic Commentary – Tallying the Headwinds and Tailwinds Read More »