June 13, 2017
General Comments Political risks remain high, as do geopolitical risks, but overall economic risks seem fairly low. Credit spreads are low and show very little signs of stress or excess. Clients ask us about the longevity of this recovery, and… Read More
April 17, 2017
Last month we commented that we thought the market was due for a pullback. Markets were flat or down very modestly during March, but we do think that risks have risen over the past month, and we did increase our Risk Pulse™ from Medium+ (4 out of 10) to Caution (5 out of 10).
March 10, 2017
While we were quick to see the changes that were appearing before the election and even more enthusiastic about the prospects since then, we must admit we are a bit concerned about the potential for a pullback or mild correction. Trees do not grow to the sky, and markets do not go up every single day.
February 14, 2017
“The inherent irony of the efficient market theory is that the more people believe in it and correspondingly shun active management, the more inefficient the market is likely to become.” – Hedge Fund Manager Seth Klarman, February 2017