Market Commentary

Fourth Quarter 2017

2017 was profitable for all global assets despite the drama from geopolitics, severe weather, and the solar eclipse.  First, North Korea did not launch a nuclear weapon on the United States.  Trump’s Twitter account personally helped revive [...]

Third Quarter 2017

The third quarter proved to be profitable for global equities. Continued growth across Asia, Europe and the US lifted confidence in equities, bringing valuations higher and keeping volatility subdued. In addition, the market seems to have [...]

Second Quarter 2017

Three trends seem to be capturing the attention of the market in the past quarter: equity index investing, low volatility, and monetary policy normalization. Equity indices are widely viewed by many to be the only acceptable way for the [...]

First Quarter 2017

The first quarter of 2017 saw a continuation of the post-election price trends. Equities were higher, rates were range bound, and spreads on investment grade and high yield bonds continued to tighten to historical lows.

Fourth Quarter 2016

What a wild 4th quarter — the Federal Reserve finally hiked rates as bond yields raced higher, and the US elected a reality TV star real estate mogul as our next President. Despite the doom and gloom expected, equities broke higher [...]

Third Quarter 2016

Equities rebounded strongly in July and stayed in a fairly narrow range throughout August and September. US Treasury yields rose over the quarter as the Fed slowly became more hawkish and long term bonds priced in higher breakeven [...]

Second Quarter 2016

Winners vs Losers in the recent Hedge Fund Fiasco Hedge funds are currently unloved by the media and investors. While some of this rearview mirror criticism is deserved, some of it simplifies the issues hedge funds face by lumping them all [...]

First Quarter 2016

This past quarter was one we would rather forget as our funds were whipsawed by central bank support. In the first 40 days of the year, the S&P fell more than 10% as fundamentals deteriorated and fears of slower global growth and [...]

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