Market Commentaries

Global equity markets ended with a modest fourth quarter rally that reduced the pain somewhat, but still resulted in the worst calendar year performance since

The quarter began with an 11% gain for the S&P 500, but the rally quickly faded, leaving stock and bond markets to plumb new lows

With a -20.0% return during the first half of the year, the S&P 500 officially met the somewhat arbitrary criteria for a bear market.  An

During a volatile start to 2022, investment strategies that outperformed during the last few years struggled in a market where energy and mining stocks provided

The news of the omicron variant roiled financial markets during the fourth quarter, resulting in losses for energy and other cyclical sectors that had rallied

In 2008 there had still been a note of hesitancy about central-bank interventions. In 2020, that was gone. The full implications of the opening of

The only function of economic forecasting is to make astrology look respectable. – John Kenneth Galbraith The economic recovery continued to gain momentum and drive

What investment can we find which offers real fixity or certainty of income? …the man or woman who invests in bonds is speculating in the

In preparing for battle I have always found that plans are useless, but planning is indispensable. – Dwight D. Eisenhower The successful launch of two

Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital