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...

Emotions and Perspective in a Down Market

Proper perspective is always important. Particularly in confusing times such as these. Emotion is the enemy of every investor.  It makes us do the wrong thing at the wrong time for the wrong reason. It makes us greedy when stocks are rising, and it makes us...


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...

January 2021

Market Commentary: A Year of Many Records; Some Noteworthy, Some Dubious
Commentary: Stocks are Expensive. Does that Mean the Market is?

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April 2021

There is an awful lot to like about the direction of the U.S. economy and subsequently, U.S. equity markets. We are just a few days into April and the S&P 500 has gained 8.5% year-to-date, while the NASDAQ and Russell 2000 have climbed 6.4% and 10.1%, respectively.

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April 12, 2021

The major U.S. equity indices kept their rally hats on as the second quarter has gotten off to a hot start. The Nasdaq is already up 4.9%, with the S&P 500, not too far off its heels, up 3.9%. The Dow Jones Industrial Average has gained 2.5%, while the Russell Mid Cap and Russell 2000 have gained 3% and 1%, respectively. In addition, several commodities continue to surge higher. Lumber is up nearly 12% quarter-to-date, while food and grains such as sugar, wheat, hogs and corn are all up close to mid-single digits. Moving on to Treasuries, yields have somewhat stalled out so far this quarter.

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