Portfolio Review 4Q17

The year of the “bull market in all things” is coming to an end, and with it, we suspect, the broad, indiscriminate bull. Global economies are all up in sync, but this might give pause; the last time we saw this was in 2007, ahead of the credit crisis. We are not suggesting a sharp […]

Portfolio Review 3Q17

These are difficult times for investors who believe in value. With the S&P trading at higher valuations than it has for 90% of the last century, it is hardly a time to pile in. Yet the market continues to move up. Indeed, almost all assets and markets are up, in perhaps one last hurrah as […]

Portfolio Review 2Q17

Nearly all asset classes are up this past quarter, everything up together in a last hurrah for the global post-crisis stimulus. Of course asset prices go up when money is pumped to Wall Street and rates kept ultra-low, allowing the wealthy to borrow and buy. Global markets overtook the U.S. in growth, and money has […]

Portfolio Review 1Q17

The Trump era is underway…and the markets apparently like it. With only a brief pullback after the failure of the Obamacare repeal-and-replace, the U.S. stock market has continued its upward march. Virtually every global market is up as well on the heels of the U.S. rally. Gold too is up, though as usual with greater […]