2017 Letters to Clients

FOURTH QUARTER 2017
As 2018 began, the major U.S. stock market indexes surged to yet another round of record highs. The first week of January saw the Nasdaq index top 7,000, the S&P 500 index clear the 2,700 mark, and the Dow Jones Industrial Average hit 25,000. Read More »

 

THIRD QUARTER 2017
"Is the stock market in another bubble?"

Of all the questions we field from clients, prospects, friends and family - the question of whether we are in a bubble leads the way by far.  There are two reasons why this question comes up so frequently these days. Read More »

 

SECOND QUARTER 2017
As the major stock indexes have, one-by-one, broken through their previous record highs in recent months, it has been interesting to observe that the dominant reaction among many investors has not been one of celebration but, rather, trepidation. Read More »

 

FIRST QUARTER 2017
"The buying opportunity of a lifetime."

That was how the esteemed financial writer Nick Murray described the stock market environment in early 2009. Hindsight shows he was, of course, spot on. But it certainly didn’t feel that way to many investors at the time. Read More »