Portfolio Review 4Q19

The year just ended was a year when virtually everything was up, U.S. and foreign stocks, bonds, precious metals—almost every major market and sector except commodities (outside the precious metals) and energy stocks. It was quite the reverse of 2018 when, due to the late-year sell off as the Federal Reserve started its short-lived tightening […]

Portfolio Review 3Q19

As we move into the last quarter of the year, markets have resumed their rallies, responding to another round of lower rates and easy money around the world. U.S. equities, global stocks, bonds and gold, all moved up, adding to first half gains. Significantly, for most markets, the pace of gains was meaningfully slower; global […]

Portfolio Review 2Q19

The Federal Reserve made clear that it was now on a dovish path and the markets responded strongly, including the gold market. This was hardly the first signal that the Fed had finished its “tightening cycle” and that the next move in rates would be down; that had been clear since December. But markets can […]

Portfolio Review 1Q19

Stock markets and other assets reversed course after the Federal Reserve and other central banks faced market declines…and blinked. With an end to monetary tightening, stocks, commodities, bonds all rallied, recovering the losses of the previous quarter. The U.S. market had its best start to the year since 2002. In fact, other than currencies, very […]