Quarterly Strategy and Observations – 2nd Quarter 2016

The second quarter of 2016 will forever be remembered for the “Brexit” vote in the U.K. and the start of the transition to a European Union without the U.K. The vote had the unintended consequence of driving (already low) global interest rates even lower, increasing …Read More


And no, we are not talking about the English soccer team’s ignominious defeat in the Euro Cup at the hands of Iceland. The post-Brexit outlook has become much more uncertain for the U.K. and Europe in particular. The most likely outcome is a multi-year, slow-motion …Read More

Euphoria? What’s That?

“Bull markets are born in pessimism, grow in skepticism, mature on optimism, and die on euphoria.”
Sir John Templeton

With this sage quote from one of the greatest investors of all time in mind, we ask ourselves whether the stock …Read More

Recession Watch

The current U.S. economic expansion is moving into its 86th month. That is to say, it is old for an economic expansion. Depending upon the time frame, U.S. economic expansions have historically averaged anywhere from 26 to 58 months. In the post-WWII history …Read More

Buying Time?

The number of worries for the stock market is almost innumerable. From our country’s highly fractured politics to China’s economic slowdown, earnings sustainability, European political instability and migrant crises, to name a few, the stock market has plenty of dour …Read More