4Q 2014 Commentary

Reflecting on 2014 / Peering into 2015

As you’ll remember, 2014 started off on a relatively sour note.  For equity investors, the surprise and sheer delight of 2013’s outsized gains quickly evaporated with the New Year.  Many immediately questioned whether 30% plus returns were simply too generous.   Perhaps stocks had borrowed too much...more

Mid-Summer 2014 Commentary

Bad News is Good News and Good News is Bad News

Despite what was seen as an unusual, almost unprecedented, increase in global geopolitical tension during the first half of the year, US stocks remained extraordinarily resilient. Whether it was the Russia-Ukrainian border conflict and the resulting Malaysian airliner shoot-down, ISIS and its increasing terrorist foothold in Iraq and Syria, or...more

1Q 2014 Commentary

A Time to Reflect

Following what was an extraordinary year for equity returns in 2013, the natural inclination for many investors was to continue to pile in and to expect more of the same in 2014. For others of the more conservative persuasion, the first four months of 2014 was a perfect time to reflect on...more