Written by Brian Johnson, Chief Investment Officer Summary: The fourth quarter of 2018 was a nasty one for stocks. Through it, we have maintained our defensive positioning. We expect U.S. stock returns over the next 10-15 years to be substantially worse than the last 10 years....
Written by Brian Johnson, Chief Investment Officer Summary: The current market decline has yet to show signs that it is bottoming out. It is likely, therefore, that we’ve further to go on the downside before stocks begin moving meaningfully higher again. We’re glad that we...
Written by Brian Johnson, Chief Investment Officer Summary: It’s been hard to find positive returns in 2018. We’ve made a number of allocation updates within our models to respond to the evolving landscape. If market and economic indicators continue deteriorating in the weeks and months ahead,...
Written by Brian Johnson, Chief Investment Officer Summary: Equity markets had a solid 3rd quarter, but they have become much more volatile recently. The bond market looks to have ended its 35+ year bull run (interest rates falling, bond prices rising). The recent volatility is a...
Written by Brian Johnson, Chief Investment Officer Summary: U.S. stocks (equities) remain in a secular (10-20 year) bull trend. International markets have not done as well recently, but they remain attractive for long-term investors. In lieu of an analysis of one aspect of the market, this month...
Written by Brian Johnson, CIO Summary: This isn’t the longest bull market in history. In fact, it’s pretty average. If you’ve picked up a newspaper or turned on the TV in the last few weeks, you’ve likely heard someone quoting statistics suggesting that this is now the longest...
Written By Brian Johnson, CIO Summary: Our investment strategies have been “overweight” equities (stocks) for several years now. We’re currently in the process of reducing client portfolios exposure to a more “neutral” stance. The bull market is not necessarily over, but the risk of a substantial...
Written by Brian Johnson, CIO Summary: We’re watching volatility levels carefully, as they are a key indicator that a correction may be afoot in equities markets. At present, volatility is elevated but not alarmingly so. The historically low volatility in equities markets that we experienced in 2017...
Sell in May and Go Away? By Brian Johnson, CIO and Partner Stock Market Summary: Signs suggest that the market correction that began in late January has been primarily sentiment-driven and is nearing its end. A healthy earnings season, led by the technology sector, could be just...
By Brian Johnson, Chief Investment Officer Summary: Signs point to this correction likely being sentiment driven and nearing its end. A healthy earnings season, led by the technology sector, could be just the medicine that the bull market in stocks needs to resume its upward trend. The...