The Tandem Report

July 2021

The U.S. stock market continued its relentless move higher. Having posted its best 12 month return in more than 30 years last quarter (56.36%), the S&P 500 Total Return Index cooled off only slightly, recording a 40.33% return for the 12 months ended June 30.

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September 2021

All U.S. equity indices closed higher in August, as the S&P 500 notched its seventh straight monthly gain. Equities experienced a minor speed bump in the middle of the month when geopolitical tensions rose and chatter regarding the Delta variant’s effects on economic growth gained some steam.

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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...


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...
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