Quarterly Commentary

Q1 2025 Quarterly Review & Outlook

April 10, 2025

“Tariff policy beneficiaries are always visible, but its victims are mostly invisible. Politicians love this.” -Walter E. Williams   The recent talk and implementation of tariffs has caused significant volatility in equity and fixed income. The Trump Administration believes Tariffs… Read More

Q4 2024 Quarterly Review & Outlook

January 10, 2025

“Things are seldom what they seem.” W.S. Gilbert Equity markets experienced strong gains in 2024. High yield on average was the best performing segment in the credit markets. Despite numerous known risks facing the US and Global economies, each of… Read More

Q3 2024 Quarterly Review & Outlook

October 10, 2024

“Far more money has been lost by investors in preparing for corrections, or anticipating corrections, than has been lost in the corrections themselves.” Peter Lynch   The last significant correction in the stock market ended in October of 2022. The… Read More

Q2 2024 Quarterly Review & Outlook

July 10, 2024

“The Fed’s job is like a tightrope walker trying to keep their balance while walking on a thin rope. One misstep and they could fall into a recession or cause inflation to spiral out of control.” Laurence Ball, Professor of… Read More

Q1 2024 Quarterly Review & Outlook

April 9, 2024

“A compelling narrative fosters an illusion of inevitability.” Daniel Kahneman   The stock market loves a great narrative and that is what we’ve had since October of 2022. As you recall at that time, inflation had skyrocketed to 9%, interest… Read More