This year has not been kind to most asset classes. US stocks are negative for the year, international stocks (particularly in emerging markets) have been clobbered, commodities are down, and even bonds have been unable to provide a positive return. Coming on the heels of 2017, one of the best years for all asset classes,…
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From October 1 through October 31 the S&P 500 dropped over 7%. And this came on the heels of a gain of over 9% between the beginning of 2018 and the end of September. Why did this happen? The explanation is quite simple although likely far from satisfactory. As I have written previously, there are…
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The debate between actively and passively managed equity mutual funds has raged for decades.  My position is that the only way that actively managed stock funds can outperform is either by fund managers picking winning stocks in advance or by timing market ups and downs, which requires the consistent ability to successfully predict the future.…
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You may have heard through the financial media that the U.S. Treasury yield curve has been flattening, portending a possible recession in the near-term. As of this writing the yield curve is at its flattest point since 2007.  Exactly what is the yield curve, and is it truly a good indicator of a future economic…
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“Are stocks overvalued right now?” is probably the second most common question I am asked these days. In the last year and a half the Dow reached a new high over 90 times. It’s understandable that investors are looking for some indicator to tell them in advance whether or not stocks are too expensive to…
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There seems to be no end to the creativity displayed by fraudsters attempting to fleece unsuspecting investors out of their savings.  I find it especially egregious when it’s targeted towards seniors and those who have a limited ability to recover.  Human nature can make it difficult for us to resist the apparent opportunity to reap…
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