April 1, 2019

March Madness is coming to a close.  We have completed a remarkable quarter as the S&P 500 rallied from its December 24, 2018 short term low of 2416 to its present 2828 level recording an approximate 17% gain.  Over the course of the last 30 years we...

January 1, 2019

The New Year greets us with the sobering reality that the financial markets have declined around the world. The Federal Reserve has reduced monetary reserves over the past eighteen months leading to a less accommodative money supply growth. The animal spirits of...

October 1, 2018

O Say Can You See, By the Dawn’s Early Light. Over the past two years U.S. Treasury bond yields have risen significantly. During this period, the Federal Reserve has been unloading bonds which were purchased in the Open programs affectionately referred to as...

July 1, 2018

Current Investment Themes–De Ja Veux All Over Again!—Yogi Berra. Apocalypse Now. In evaluating the current market conditions, we believe significant parallels between 2018 and 1979 exist causing a period of extreme volatility for the coming months. During the...

April 1, 2018

Spring Fever! Wicked. Signs of spring are all around as flowers are blooming, fruit trees are blooming and warmer days lie ahead. Jerome Powell became our new Federal Reserve Chairman at the end of January and already the groundwork is being laid for the recession of...

January 1, 2018

Happy New Year! Johnny B. Goode. Over the past eighteen months, the stock market has risen significantly as the lowering of corporate income taxes and individual American tax payers should inherently improve corporate earnings for the immediate future. Price earnings...