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 |