Monday, December 19, 2016
- Using a P/E multiple of 20, our S&P 500 target for 2017 is 2,400 (only 5.0% higher than current levels). That target has a margin of error of (at least) one P/E point, bringing the S&P
Thursday, November 10, 2016
· We don’t create your portfolio based on who is the president; we create your portfolio based on your goals. That being said, there are changes to consider.
· Nobody was expecting a Trump presidency – …
August 12, 2016
- US consumers are spending, and doing so without depleting their savings.
- Household formation is on track for further growth, thus providing a boost to the housing market.
- Inventories have depleted to a level where manufacturing has stabilized.
Friday, July 8, 2016
· Following the Brexit vote, global financial conditions tightened and signaled immediate danger to the global economy.
· Since the initial post-Brexit global market reaction, financial conditions have loosened and the US equity market rebounded to …
June 24, 2016
· The UK vote to leave the European Union (EU) sets in motion a long period of political, economic and market uncertainty for the UK and EU.
· We see sell-offs in global risk assets, with the …
Estate Planning, Part 1
Estate Planning, Part 2
Thursday, April 14, 2016
- US GDP growth for the first quarter of previous calendar years has been routinely distorted to the downside; still GDP growth for Q1 2016 was, at best, stagnant.
- Currently, a better metric than GDP for
Sunday, April 3, 2016
Given the decline in corporate profits in Q1 2016, the recent stock market correction was not deep enough to ring out valuation excesses.
- The stock market is mildly overbought; the pace of ascent must slow from
Monday, February 22, 2016
(Homage to Thirty Six Years of Knowing More Than All of Us)
It is very difficult to beat the market over the long term. Not just very difficult, but extremely so. You overlook this …