As We See It
Quarterly Portfolio Manager Perspectives
July 2023
2023 Second Quarter Update
This quarterly shareholder newsletter, created for shareholders, is now available for prospective clients.
The Standard & Poor’s 500 Index grew 16.9% during the first half of 2023. This equity rally, however, was spurred by valuations in a select group of primarily large-cap stocks. Why the divergence?
June 2022
“Are We There Yet?”
– Every little kid on every road trip ever…
Investors are focused on when the current market decline will end. Unfortunately, unlike the parent driving the car to a destination, the markets do not have a defined destination.
February 2022
Valuation
Whenever the markets become volatile, suspicions grow that the end of a bull market may be near. History may provide a good example of what might happen when speculation runs rampant in the market – as it has been recently.
Historical Perspectives
2019 – 2010
Title | Volume | Link |
---|---|---|
Patience is a Form of Action | ||
How Bond Investing Has Changed | ||
U.S. and China: The Benefits of Trade | ||
How Demographics Influence Economic Growth |
Title | Volume | Link |
---|---|---|
Bear Markets | December, 2018 | |
110 Months of Economic Expansion | October, 2018 | |
Trade War Primer | ||
What’s Different About this Market Upswing? |
Title | Volume | Link |
---|---|---|
Passive Index Funds | ||
Holding the Course | ||
Interest Rate Expectations | ||
Ignoring the Headlines2013 |
Title | Volume | Link |
---|---|---|
Impact of a Strong Dollar | ||
Not the Time to Panic | ||
Is Wall Street Rigged? | ||
Fast News vs. Slow News |
Title | Volume | Link |
---|---|---|
Coffee Can Portfolio | December, 2013 | |
Assessing Risk | October, 2013 | |
Stock Market Corrections | ||
The Great Rotation |
Title | Volume | Link |
---|---|---|
History of Income Tax | ||
Contrary Opinion | October, 2012 | |
Stock Market Indicators | ||
Expect the Unexpected |
Title | Volume | Link |
---|---|---|
Catalysts to a Bull Market | December, 2011 | |
Our Basic Principles | ||
Client Asset Growth | July, 2011 | |
Investment Philosophy |
2009 – 2000
Title | Volume | Link |
---|---|---|
How far we’ve come, how little we’ve changed | ||
Social Security | ||
Credit Crisis Reaction | July, 2009 | |
Capitalism Without Failure | April, 2009 |
Title | Volume | Link |
---|---|---|
Economic Impact of Government Decision Makers | ||
Que Sera, Sera | ||
Oil Prices | ||
Commodity Cycles | April, 2008 |
Title | Volume | Link |
---|---|---|
Avoiding the Mood Swings | December, 2007 | |
Contrary Opinion | October, 2007 | |
Retirement Savings | ||
Stagflation Revisited |
Title | Volume | Link |
---|---|---|
Natural Resources | ||
Investment Life Cycles | ||
Cash Income Matters | July, 2005 | |
Avoidance of Taxes | April, 2005 |
Title | Volume | Link |
---|---|---|
Commodities Cycle | December, 2003 | |
Contrary Opinion | October, 2003 | |
Rebalancing Risk | ||
Fear & Greed |
Title | Volume | Link |
---|---|---|
Taxing Dividends | ||
Secular Change – Contrary Opinion | ||
In Times Like These … | ||
Secular Bull Markets |
Title | Volume | Link |
---|---|---|
Diversification | ||
Fear & Uncertainty in the Market | ||
Railroad Internet Industries Connection | ||
Bubbles | April, 2001 |
1999 – 1990
Title | Volume | Link |
---|---|---|
Expanding World Markets | ||
Economic Impact of the Internet | ||
Long-Wave Economic Theory | ||
Influence of a few Large Leaders |
Title | Volume | Link |
---|---|---|
A Nation’s Wealth | December, 1997 | |
Economic Ideas Move in Circles | ||
Market Caution | ||
Strength of Investor Speculation | ||
When is Rich Enough? |
Title | Volume | Link |
---|---|---|
Income Considerations | ||
How Could Our Ancestors Have Been So Wrong? | ||
Dow Jones Industrial Average | ||
Economic Evolvement in Developing Countries |
Title | Volume | Link |
---|---|---|
Rate of Inflation | ||
Middle Course is Best | ||
Long-Wave Economic Theory | ||
Growth in Developing Countries |
Title | Volume | Link |
---|---|---|
Tax Impact on Returns II | ||
Contrary Opinion | October, 1993 | |
Tax Impact on Returns | ||
Economic Phases related to Political Thinking |
Title | Volume | Link |
---|---|---|
Long-Wave Economic Theory | ||
Every Excess is Self-Correcting | ||
International Investing | ||
Age of Speculation | April, 1992 |
Title | Volume | Link |
---|---|---|
Crisis Also Presents Opportunity | December, 1991 | |
Contrary Opinion | October, 1991 | |
Market Timing | ||
Round-Trip Investing |
1989 – 1986
Title | Volume | Link |
---|---|---|
Not News Worthy | ||
Investment Goals Plans | ||
Crowd Mentality | July, 1989 | |
Generating Investment Ideas |
Title | Volume | Link |
---|---|---|
Current Market Environment | December, 1988 | |
Contrary Opinion | October, 1988 | |
Climate of Stocks vs. Bonds | July, 1988 | |
Demographic Patterns |