Quarterly Strategy and Observations –
3rd Quarter 2015

It finally happened. After four years and an 80% plus gain, the S&P 500 Index corrected 10%, falling 12.4% from May 21 through August 25, 2015. The third quarter of 2015 was the worst quarter for the broad stock market in four years. As bad as that may seem on its …Read More

After the Correction, Now What?

Every type of stock index—large, mid and small, both growth and value, at home and abroad―suffered negative returns in the third quarter. As we have commented in the past, the current bull market was perhaps long in the tooth, and ready for a correction. Whether the …Read More

Misery Loves Company

Given the misery generated by the recent market decline, this quarter we delve a decades old measure of economic pain. The “Misery Index” has commonly been used to show the depth of despair in poor economic environments. Created in the 1960s by economist Alan Okum …Read More

Long in the Tooth or Slow and Steady Wins the Race?

A prominent feature of the current economic expansion has been the low level of economic growth. The cumulative GDP growth of the current expansion is well-below average; however the expansion itself may have room to run. Looking at post-WWII economic expansions, we see …Read More

The “Sharing Economy”

We teach our children that sharing is good and to be encouraged. Perhaps as a consequence, we now have the “sharing economy” made up of companies such as AirBnB, Instacart, Task Rabbit and Etsy. Some are as well-known as the now ubiquitous Uber. Others, such as Task …Read More