2015

4Q 2015 Commentary

A Rough Road Ahead? -- 2015 Year End Commentary

The first half of 2015 saw relative calm across the global equity markets. Here in the US, the world's most resilient economy provided a tailwind for stocks which posted modest new records almost daily despite that year over year operating revenues, had already begun to tail-off. In hindsight, much of 2015's market gains were attributable to a couple of sectors and a narrow band of stocks. Biotech and pharma...more

3Q 2015 Commentary

An Economy a World Away

US stock market volatility continued to prevail in the third quarter with most equity indices retreating from earlier peaks. The key however was that the swings were mild and manageable, at least early in the quarter, allowing investors an opportunity to enjoy much of the summer away from their desks. Nonetheless, investor fixation on interest rate liftoff, the strength of the dollar, and wild swings...more

2Q 2015 Commentary

Markets on Hold

It was more of the same for US investors in stocks and bonds during the second quarter. Equities remained characterized by heightened volatility and ended the quarter relatively flat. The broad market as measured by the Russell 3000 registered a modest +1.94% total return...more

1Q 2015 Commentary

Continuing Robustness and Resilience

You may remember, we ended our fourth quarter commentary with a brief outlook on the US economy and its markets for 2015.   We were pleased to acknowledge the continuing robustness and resilience of US growth but we also forewarned that the languishing world economy might eventually impact our own momentum. Only time would tell...more