First Quarter 2017 — Lots of Noise, Not Much Action

Lack of market volatility, coupled with solid returns, marked a contrast with the first quarter of 2016, which was characterized by negative returns, and high volatility. The S&P 500® Index enjoyed a 109-day streak without a 1% decline—the longest stretch …Read More

Short-termism and Investing

From 1999 to 2009, the CGM Focus Fund managed by Ken Heebner produced a compounded return of 18% per annum. However, during that decade the fund’s average investor lost 11%, according to a recent study. How could that possibly happen? Most investors bought the fund …Read More

The Big Yellow Taxi* in Reverse?

Last quarter we discussed the challenges facing grocery stores as demographics shift and consumer preferences undergo rapid and dramatic changes. Grocery stores are not the only “brick-and-mortar” retailers coping with these challenges, which, of course, also include …Read More


Not one region of the world has seen its economic growth rate return to levels seen before the Great Recession almost 10 years ago. While there are a multitude of economic theories why the current recovery has been the weakest one in postwar history, it has been characterized …Read More

A Deficit of Surplus

Trade between countries is a contentious topic as of late. In 2016, the United States’ trade gap (the difference between what we buy from abroad vs. what we sell abroad) rose to $502 billion, marking the 41st consecutive year in which we have run a trade deficit. The …Read More