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4Q 2013 Commentary

The Year in Review

Despite a myriad of political and economic headwinds in 2013, US stocks delivered exceptionally outsized gains. Irrespective of market cap or investment style, cumulative gains averaged better than 30%; an overall best for stock market performance not seen since 1997...more


3Q 2013 Commentary

Markets Rally While We Remain Cautious

Despite what were some potentially troubling - even treacherous - concerns for long term investors over the summer, by the end of September and well into October, financial markets again rallied to build on earlier year gains. Following a short mid-summer breather, US equities renewed their run to new all-time highs. So too,...more


2Q 2013 Commentary

Suspicious of Stocks and Anxious Over Bonds

As is obvious to most of us, the US stock market has become the world’s top performer through what is now history: the first half of 2013. The Dow, the S&P 500 and the NASDAQ have all reached new highs. The mid and small cap indexes have done even better. The lesson to be learned here is that, despite what investment instinct or common sense might otherwise dictate, "You can’t fight the Fed"...more


1Q 2013 Commentary

Bull - Bear Contention

Much like the gridlock which has come to characterize Washington politics, the bull-bear contention over stock market valuation is today surfacing as the topic du jour across Main Street. Years ago, basic finance taught us all to believe that future earnings growth is the principal driver of stock price. If that is true, the continued surge in US equities...more