• Market Commentary – Q1 2020

    What a different world we face today than at the end of last year. The shutdown of the global economy due to the COVID-19 pandemic created a recession that threatens to surpass that of 2008-2009. In response, governments announced a massive amount of fiscal and monetary stimulus, but the length of the recession remains uncertain as long as the coronavirus remains unchecked.

  • The Panic Begins

    Panic selling began in the equity markets this week as the scope of the COVID-19 pandemic continued to grow.  When we pointed out the emergence of the virus as an economic risk back in January, hope remained that it could be contained.  Now, we face a global pandemic with sustained outbreaks in several US cities. … » read more

  • Markets Begin to Price in the Risks of a Pandemic

    2020 began with global markets for stocks and other risky assets priced for Global equity markets woke up to the economic risks posed by the coronavirus outbreak, with the S&P 500 declining over 10% from its peak through yesterday. Foreign stocks fared slightly better with the MSCI EAFE Index, which primarily reflects Europe and Japan,… » read more

  • Is the Wuhan Coronavirus a Catalyst for the Next Downturn?

    Expansions do not die of old age – they get murdered. paraphrase of a 2019 exchange between former Fed Chairs Janet Yellen and Ben Bernanke The outbreak of a new coronavirus in China poses risks to the rosy economic and market outlook that dominated at the beginning of the year. While public health risks appear… » read more

  • When It Comes to Money, Silence Is Rarely Golden

    Comstock has advocated for the creation of Family Advisory Councils for years because we know the benefits that come to our client families when advisors and family members are connected, communicating about what’s going on today as well as preparing the future generations.  Click here to read more about the importance of communication from advisors… » read more

  • Alison Comstock Moss quoted in NY Times

    Our CEO, Alison Comstock Moss, was quoted in the NY Times and thought you might be interested in reading the article: https://www.nytimes.com/2019/11/06/your-money/financial-talk-family.html Paul Sullivan at the Times did a nice job highlighting the importance of communication and education with client families to preserve portfolios and relationships.  Whether it’s consolidated reporting to ensure all is accounted… » read more

  • Over the Hedge

    Stock market declines tend to trigger discussions of hedging by clients and in the financial press.  Often the media presents hedging as a viable way for investors to protect their portfolios, which very rarely is the case. Hedging a portfolio simply means reducing equity exposure.  Selling stocks and raising cash is in nearly every circumstance… » read more

  • Sector Scramble

    On September 21, the largest reorganization of GICS Industry Sector classification will take place. GICS – the Global Industry Classification Standard – is a joint venture between Standard & Poor’s and MSCI that defines sectors and industries and classifies individual stocks to them. The impetus for this change is the growth of companies around Internet… » read more

  • Crypto is not dead, it just smells funny

    Paraphrasing from the classic Frank Zappa quote about Jazz, it has been a tough year for cryptocurrencies.  Bitcoin has shed over two thirds of its value after reaching a peak price of $19K last year.  Other cryptocurrencies, such as Etherium, suffered even worse losses.  However, even after these declines, early purchasers of cryptos still enjoy… » read more

  • A Green Light for MLPs?

    Yesterday, August 2, Energy Transfer Partners (ETP) announced an expected consolidation with its general partner, Energy Transfer Equity (ETE). Energy Transfer was the largest remaining MLP that had not eliminated its general partner and the associated Incentive Distribution Rights (IDRs). IDRs give ETE, the general partner, a right to a share of the MLPs distributable… » read more