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January 9, 2023
Q422 Year in Review

Not the worst year ever in stocks around the world, but certainly among the worst, 2022 proved the absolute worst for U.S. bond markets since the mid-1970s. Though the Fed was as is still lifting its rate target, the final quarter of the year offered a break as investors began to expect a Fed reversal […]

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January 9, 2023
The Reminders of 2022

Last month we spoke to the relatively rare occasions that U.S. stock markets failed to show a gain by year’s end. The stark decline and the several failed attempts at a rebound in stocks last year were reminders that markets don’t always go up. Minimally, then, market activity in 2022 highlighted the “you lose” side […]

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December 2, 2022
One of Those Years

Most years see some manner of substantial decline in stocks, even as most full-year tallies turn out positive. This year has proved an exception to that tendency. Thus far, at least—there’s still about a month to go. With stocks well off the trough for the year, but still far from their peak at the start […]

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November 4, 2022
Guiding Into It

Seems reasonable to expect that corporate earnings are likely to fall on account of inflation-induced weaker profitability and a slowdown in revenue growth. The growth-stall is likely to stem in part from the Federal Reserve’s efforts to tame that margin-crushing inflation, as the Fed directly intends to provoke a slowdown in macroeconomic activity, perhaps even […]

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October 7, 2022
Deflating Expectations

Many trends suggest progress has been made against inflation, which remains historically elevated across most of the globe. And though mixed in their estimates for how quickly and to what level inflation will fall, survey- and market-based measures for future inflation reflect expectations for a return to more comfortable levels of price change. While we […]

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October 3, 2022
Q322 Quarter in Review

The third quarter offered few corners to hide as investors shunned risk in most of its forms, with U.S. bonds seeing declines of historic proportions as stocks fell anew upon reemergent fears of a potential recession caused by efforts to combat long-lasting inflation. U.S. stocks continued to outperform non-U.S. stocks, with the strength of the […]

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September 1, 2022
Inflation Confrontation

We were having such a good time, weren’t we? After dropping more than 20% from the beginning of the year through mid-June, the market staged a convincing rebound as investors seemingly saw fit to look beyond the complexities of central bank policy, maybe trusting that inflationary forces could be weakened and might otherwise work themselves […]

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August 5, 2022
Save Long and Prosper

With savings, every little bit counts. In our view, one should focus on regular contributions to investment portfolios to build an asset base, in turn allowing investment gains to compound over time and further bolster accumulated assets. In addition to the notion that even small amounts of savings, when invested according to a disciplined strategy, […]

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July 5, 2022
Q222: Quarter in Review

Though stocks showed some early-April gains, they sank through quarter end to close near the lows for the current drawdown. Though non-U.S. stocks performed a bit better than domestic equities during the quarter, investors saw red across the board as they pondered the consequences of a global interest rate hiking cycle meant to target inflation […]

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July 1, 2022
Thinking About Tomorrow

Unlike market peaks, when positive sentiment easily supports staying in the game, a market drawdown leads many to question portfolio exposure to equity. Fears of further downside to come not only leave many hesitant to retain an existing strategy; they can push some to throw in the towel altogether. In squishier times like these, when […]

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