Insights

Our theme for the equity market as we approached 2023 was: 2023 is likely to be the inverse of 2022. We’re deeply gratified that this became reality. Unlike many, we expected solid results for stocks this past year, and that is exactly what investors got. This cheer...

“By rationally looking at long-term trends instead of viscerally reacting to the horror story of the day, you’ll see that there’s much more to celebrate than to mourn.” — The Wall Street Journal, excerpt from “For the New Year, Say No to Negativity,” Dec. 27, 2019...

As we near year-end, we are cautious about S&P 500 returns in the near term. Our S&P 500 targets for year-end 2023 and mid- to late-year 2024 remain the same at 4,500 and 4,800 to 5,000, respectively. Clearly, these are relatively constructive figures. Our...

Over my 40+ years of being involved in the business of professional investment practice, I have been blessed by being in the United States. Since coming into this business as a young man, I have witnessed good and bad times, but the good experiences outnumber the...

“It would be so nice if something made sense for a change.”—Lewis Carroll, “Alice in Wonderland” August didn’t begin so well, as the S&P 500 pulled back about 4.5% through the first three weeks of the month, but it rallied in the final few days to make for a “much...

“Things turn out best for the people who make the best of the way things turn out.” – John Wooden Despite Skepticism, the Rally Is Real The S&P 500 got off to a good start in the second half of 2023, rising roughly 3% in the month of July.1 The Index has risen...