Profitability for Dummies
Once upon a time, there were two professors, a paper, a three-factor model, and ultimately a Nobel Prize. 1992 was a good year. The story was simple and powerful, the effects observable to the naked eye and remarkably persistent, if you could stand painful intervals...
A Look at May 2020
We just completed our second month of the second quarter of 2020, after the virus issue created a rapid bear market across the globe in Q1. Since that event we have been going almost day to day, hoping to see improvement and progress, against the virus itself and in...
Why Is the Stock Market Rallying When the Economy Is So Bad?
I have been reading this article from The Wall Street Journal for a week or more, updated as the market continues to rise. A client also sent it to me Sunday, which inspired me to share it. Bottom line: the markets seem to expect a relatively fast recovery for now....
Learning to Cope
Would you rather listen to this month’s client letter? Download “Learning to Cope” from our podcast. As we enter the next phase of the coronavirus event, we are in uncharted territory. We are not out of the woods yet, and we may make mistakes and...
A Brief Update on the Markets
This has been an eventful week. We had big new developments from the government, including the Fed’s announcement this morning of a multi-trillion dollar buying program to support fixed income markets. The latest projections on the spread of the virus have...
We Have a Deal…Now What?
As we face the most brutal phases of the COVID-19 outbreak in New York and throughout the country, we are concerned for your health, safety and how you are coping with the situation. Of course, we are fully engaged with the economic and financial market fallout of...
The Key to Long-Term Success
At some point in the future, hopefully very soon, the worst of this will be over and we will better understand how serious it was/is/will be. As we work from home and stay safe, we want to stay in close touch with our clients and our friends and professional...
Facing the Challenge
We would like to tell you the answer. When will this be over, and what is the market going to do next? But you know no one knows. This is a new challenge, and we have to face it and recognize what we are dealing with here. We have faced major health care challenges...
Now It’s Oil
Last week OPEC talks broke down when Russia refused to agree to proposed production cuts. As we have been saying in our recent letters, the coronavirus slowdown has reduced demand for oil and caused the price to decline. It just got worse. Over the weekend, Saudi...
It’s tough to make predictions, especially about the future – Yogi Berra
Yogi Berra’s famous saying seems particularly apt in these early months of 2020 as big surprises around the world have caught policymakers and investors off guard. Every December, as I read through economic and market forecasts, I think about how long it will be until...
