First Quarter 2018 Commentaries
During the first quarter of 2018, stocks finally behaved like stocks. The return of volatility served as a jolt that awakens investors from the complacency of the steadily rising market …
First Quarter 2017 Commentaries
“Bull market climbs a wall of worries.” It was no exception for the first quarter of 2017. Despite record valuation, waves of political populism around the world and US Federal …
Fourth Quarter 2016 Commentaries
The year 2016 began so ominously. Yet it ended with euphoria and optimism. In the first month and half, the S&P 500 swiftly dropped nearly 10%. So it seemed …
Third Quarter 2016 Commentaries
There were a lot of noises of increased market turbulence, but not much actual volatility. There were a lot of speeches on raising interest rate, but no action materialized …
Second Quarter 2016 Commentaries
A Non-Expert View on “Brexit” “How may I serve you, Sir?” Thus spoke a pretty brunette with an Italian accent as I stepped to the counter at The Café …
Fourth Quarter 2015 Commentaries
The S&P 500 index which is representative of US large capitalization stocks started 2015 at a level of 2058.20 and completed its annual journey at 2043.94. It was a relatively …
Third Quarter 2015 Commentaries
It was a nasty quarter for stocks. It has been four years since investors last experienced such misery. For the quarter, S&P 500 were down 6.44%. From its peak on …
Second Quarter 2015 Commentaries
We have just passed the midpoint of the year. In the tug of war between bulls and bears, the midpoint of the rope has hardly moved. For the first half …