April 2022 Market Commentary

Despite year-to-date losses for stocks, the estimated earnings of the S&P 500 companies for the next 12 months have continued to climb as shown below:   NO LETUP IN FORWARD EPS ESTIMATES Source:  Bespoke Investment Group This divergence between the trend in...

March 2022 Market Commentary

  Even though the market rebound last week was coincident with the Russian invasion (possibly signaling the bad news was fully discounted), we don’t think the coast is clear, and more volatility may be with us in the short term. Investors have at least three major...

Inflation’s Real Culprit

The sharp drop in share prices last Friday was attributed to the expected invasion of Ukraine by Russia. Although that prospect is a disturbing geopolitical event, any U.S. stock market reaction is likely to be limited and short-lived.  The U.S. stock market typically...