The Tandem Report

April 2021

The stock market continues its impressive run. Beginning in March 2009, with what we will call a bear correction (a new term we are coining), through the first month of the COVID pandemic, the S&P 500 is on a twelve-year tear. Bad news is good news, good news is good news, and even no news is good news. The S&P is up 77.57% from its COVID low closing March 23rd of last year through March 31st of this year. That is an impressive run within an impressive run.

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Observations

June 2021


The broader U.S. equity and fixed income markets have managed to tread water since mid-April. Over the past six weeks, the S&P 500 has advanced 0.45%, while U.S. Treasuries, ranging from 2-year to 30-year maturities, have barely moved. Now that Q1 earnings season is largely behind us and additional fiscal stimulus talks have seemingly stalled, financial markets are able to take a much-needed breather.

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Notes from the Trading Desk

More or Less is Better Than In or Out

Most Americans now get their news from social media, which is probably not the best straight news source. For the few of us left that don’t, we most likely consume news from sources that speak to our own points of view. Most of us would rather see the world through a...

This is How Cash is Supposed to Work

Few would argue with the premise that the most basic principal of successful investing is buying low and selling high. Yet the actual execution of this most basic principal is far more challenging than many realize. The concept seems obvious, doesn’t it? Buy low. Sell...

Risk

What is risk? It’s subjective, really, isn’t it? An “in the eye of the beholder” sort of thing. Perhaps Justice Potter Stewart’s opinion on obscenity best describes our understanding of risk - “I know it when I see it.”  But do we? To most, risk is only vaguely...

The Fox and the Hedgehog

The ancient Greek poet Archilochus wrote, “the fox knows many things, but the hedgehog knows one big thing.” The fox has clever ways to ensnare the hedgehog. Each time, the little hedgehog rolls up into a prickly ball, creating an impenetrable defense to the fox’s...

The Market Rebounds Sharply on Hope and Stimulus

Much has changed since we last visited. At that time, it ap- peared  that  stocks  had  bottomed and were off to the races, but we couldn’t be certain. Now we can be. In fact, the S&P 500 bottomed on...
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