Market Commentary | January 12, 2023

The World Repriced Investors have removed their rose-colored glasses and now perceive the world through a glass, darkly. The overarching optimism that opened 2022 is all but gone. In 2022, the S&P 500 delivered a negative 18.1% total return, its worst annual...

Market Commentary | December 13, 2022

Is inflation dead? This morning the Labor Department reported November’s month-over-month core inflation of just 0.1%, far below the forecast rate of 0.4% and, annualized, below the Fed’s 2.0% target rate. The Fed is expected to hike rates by an additional 50 basis...

Market Commentary | November 16, 2022

Positioning for a return to normal Last Thursday, October’s CPI stormed in at 7.7% which would normally be cause for panic, but because the figure was lower than September’s, stocks soared and interest rates fell. On Tuesday PPI came in lower than estimates,...

Market Commentary | October 13, 2022

When Bad Markets Happen to Good Stocks Sometimes, when the world seems to have stopped making sense, it helps to get anecdotal. For example, late last summer we learned that famed short-seller, Jim Chanos, was running a bearish campaign on data centers, claiming that...

Market Commentary | September 19, 2022

Groundhog Day Headwinds Déjà vu It seems that in each and every one of the last five months, I’ve performed the same mantra. High inflation. Rising interest rates. Markets sell off. We are here in September and I’m repeating myself. 8.1% YOY inflation. Interest rates...

Market Commentary | August 11, 2022

The Bipolar Markets On July 28, the Bureau of Economic Analysis announced that real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022. In the first quarter, real GDP decreased by 1.6 percent.  By some definitions,...