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,...

Market Commentary | July 20, 2022

Rotation I have often thought that markets function under similar operating principles to those of a Galileo thermometer. Individual floats (stocks) rise or fall relative to their specific density and the density of the surrounding liquid (markets) as temperature...