Market Comment Q1 2018

There is nothing like a quick, sharp stock market correction to spark both bland reassurances that all is well and dire warnings of a coming collapse. The truth is, no one knows what direction the market is going to take in the next few weeks or months. Nor does a sound long-term investment policy require such clairvoyance. Fundamentally, capitalism provides a framework for millions of people to seek to create wealth....

Read more »
 

Market Comment Q3 2017

When the stock market took off after Donald Trump’s election, the popular commentary was that his administration’s likely policies were a goody bag for US businesses. Tax reform, de-regulation and fiscal stimulus were commonly cited as explanation for the market’s move. Stocks of companies that stood to benefit the most from these policies advanced the most, including...

Read more »
 

Market Comment Q1 2017

THE TRUMP TRADE By the time you read this, the Trump administration will have been in power for some weeks. Prior to the inauguration, stock markets rallied in expectation of lower taxes, less regulation, higher defense spending, a possible fiscal stimulus program and, in the case of financial companies, the higher interest rates that all...

Read more »
 

Market Comment Q3 2016

The outcome of the US Presidential election may not have large economic consequences, as the behavior of markets and economies is simply influenced by too many factors. But the election hints at a potential sea change in the underlying political economy, in particular regarding free trade and globalization. In addition, both candidates have expressed support...

Read more »