Market Insights


January 2024

2023 Market Summary “Market Narratives” January 31, 2024 2023 was a surprisingly great year for the equity markets.  Following a challenging investing environment from the year prior, stocks as measured by the S&P 500 Index ignored the dour forecasts of Wall Street’s equity strategists and rose over 24% in price.  Much of the S&P 500’s rise during 2023 was driven

Read more


July 2023

Q2 Market Overview: “Sentiment vs. Fundamentals” July 31, 2023 During the first half of 2023, the equity markets performed remarkably well.  The S&P 500 Index had a total return, including dividends, of 16.9%.  Technology stocks, as represented by the NASDAQ 100 Index, posted a return more than double the S&P 500 generating a return of 39.1%.  It has been an

Read more


January 2023

2022 Year in Review: “The Era of Free Money is Over” January 23, 2023 The bubble is unraveling: The financial market storm we have long anticipated arrived with a vengeance just as the calendar turned the page to 2022.  In dollar terms, last year had the greatest loss of capital in history as global stocks and bonds lost over $37 trillion

Read more


January 2022

2021 Year in Review: “A Material Mispricing of Risk” January 13, 2022 “The beat goes on….” 2021 marked the twelfth year in the past thirteen that the U.S. equity market had a positive return.  As the year ended, stock prices as measured by the S&P 500 Index continued to reach all-time highs on a near daily basis.  The catalyst for

Read more