Quarterly Commentaries

January 2020 Repo Madness - Fed Actions Cause a "Melt-Up" in Equities
October 2019 "Sell in May and Go Away" Was Good Advice This Year
July 2019 Fed Rescues Financial Markets from Trade War Scare
April 2019 Global Equities Get off to a Great Start in 2019 - US Shares Among the Best!
January 2019 Well That Was Ridiculous!
October 2018 US Equities Soared in Q3 but Q4 is off to a Bad Start
July 2018 Stewardship Partners Posts Strong Returns in 2Q and YTD
April 2018 Volatility Returns as Stocks Stumble Early in 2018
January 2018 The "Nothing Matters" Market - All Gain and No Pain = An Unhealthy Market
October 2017 The "Nothing Matters" Market Streaks Higher
July 2017 Markets Advance Again in Q2, But How Long Can It Last?
April 2017 Stocks Rise Impressively With Little Volatility Despite Trump's Shaky Start
January 2017 While We Were "Trumped", 2016 Was a Very Good Year for Our Clients
October 2016 Riskiest Assets Perform Best in Third Quarter of 2016 - Sign of a Top?
July 2016 Despite Excessive Brexit Fears, Stocks and Bonds Move to Record Highs
April 2016 Off to Great Start Versus a Volatile Market That Ultimately Went Nowhere
January 2016 2015 - A Difficult Year When Almost All Investors Struggled to Make Money
October 2015 Not Yet Safe Enough to Exit Our Storm Shelter
July 2015 The Calm Before the Storm?
April 2015 Financial Markets Once Again Distorted by Government Interventions
January 2015 2014 Was Another Good Year for Investors, Particularly US Investors
October 2014 Despite Strengthening US Economy, Financial Markets Become Volatile
July 2014 Fearless Markets Continue Moving Higher in 2014's Second Quarter
April 2014 Equities Move Higher in the First Quarter as the Great Rotation Continues
January 2014 2013 - A Good Year for US Stocks, but Bad for Bonds, Emerging Markets
October 2013 The Great Rotation Into Equities From Bonds Has Started
July 2013 Taper Tantrum Disrupts Bull Market and Crushes Bonds
April 2013 A Strange, Upside Down Bull Market to Start 2013
January 2013 Stepping More Quickly Away From the Edge of the Abyss
October 2012 Shares Rise on Reduced European Threat and Government Intervention
July 2012 Equities Falter in Second Quarter as Troubles Accumulate
April 2012 Another Government Funded, Liquidity-Fueled Relief Rally
January 2012 2011 - A Diabolical Year When Investment Landmines Began to Blow Up
October 2011 The Markets Stumbled Through the Minefield in the Third Quarter
July 2011 Where Exactly Does That Road End?
March 2011 Landmines Triggered, But Markets Suffer No Damage?
January 2011 Poorly-Conceived Government Intervention Creates Long Term Dangers
October 2010 Equities Move From False Fears to Hyped Hope
July 2010 Paranoia Grips the Financial Markets
April 2010 Strong Earnings Recovery Keep Share Prices Moving Higher
January 2010 Stocks and Bonds Soar as the Economy Continues to Heal
October 2009 Stocks Continue Rapid Advance as Fear Recedes
July 2009 A Great Start to the Next Bull Market?
April 2009 Changing of the Guard
January 2009 Are Happy Days Here Again?
November 2008 3rd Quarter 2008 Commentary
July 2008 Stocks Soar, Then Falter in the Face of Skyrocketing Oil Prices
April 2008 Bear Stearns & Equities Reap the Whirlwind of Excessive Debt
January 2008 Despite the Credit Crisis, 2007 Was Still a Very Good Year!
October 2007 By The Way, Did You Notice That Credit Crunch?
July 2007 Stocks Soar Despite Growing Concerns
April 2007 Abundant Liquidity Helps Push Equities Higher In First Quarter
January 2007 We Thought 2006 Would be a Good Year for Stocks, And It Was
October 2006 Stocks Rise, Confounding Skeptics Once Again
July 2006 Turning Point Turmoil
April 2006 A Strong Start to 2006
January 2006 Resilient Stocks Overcome Challenges, Rise at "Measured Pace"
October 2005 Share Prices Weather Storms on Foundation of Strong Earnings
July 2005 Stocks Regain Traction, Rise Despite Threats from Oil and the Fed
April 2005 Market Skids on Oil Slick, Collides with Inflation Concerns
January 2005 The Bush Blast Off!
October 2004 Struggling With The Shadow Of A Slowdown
July 2004 Stock Prices Grind Higher Amidst Investor Confusion
April 2004 Stock Prices Pause as Greed Recedes
January 2004 Caution Collapses as Investors Rush Towards Risk
October 2003 Deflation is Dead! Long Live Irrational Exuberance!
July 2003 Too Fast a Victory?
April 2003 The Cost and Benefits of War
January 2003 Testing Times
October 2002 It Was Different This Time