Quarterly Commentary

Q2 2018 Quarterly Review & Outlook

July 10, 2018

The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts. — Bertrand Russell (1872-1970)   Following an enthusiastic rally in January, stock markets have had trouble… Read More

Q1 2018 Quarterly Review & Outlook

April 10, 2018

As we learned after President Herbert Hoover signed the Smoot-Hawley tariff at the outset of the Great Depression, vibrant international trade is a key component to economic recovery; hindering trade is a recipe for disaster. — Gov. Asa Hutchinson (R)… Read More

Q4 2017 Quarterly Review & Outlook

January 12, 2018

Predicting rain doesn’t count.  Building arks does. — Warren Buffett   As we look back on the year that just ended, we are struck by the very solid gains posted by equity markets.  Admittedly, our investment committee expected double digit… Read More

Q3 2017 Quarterly Review & Outlook

October 11, 2017

Economists are often asked to predict what the economy is going to do.  But economic predictions require predicting what politicians are going to do—and nothing is more unpredictable. — Thomas Sowell Ph.D, Hoover Institution, Stanford University   As Korean missiles… Read More

Q2 2017 Quarterly Review & Outlook

July 13, 2017

In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate. — U.S. Federal Open Market Committee, June 14, 2017 All the signs now point to a… Read More