The Massive Melt-Up Rally

Once again, investor sentiment proved to be a good contrary indicator.  At the depths of the market crash (late March), sentiment was overwhelmingly bearish.  Since then, the market has had an amazing run (see main section).  As people turned more positive on stocks,...

Markets Driven By Fear

  Equities are trying to find a floor even though the news flow on the spread of the coronavirus outside of China hasn’t shown any signs of improvement.  A number of market indicators would suggest forward returns from current oversold levels should be pretty good,...

Our 2020 Playbook

  Last week investors were reminded of risk – geopolitical risk to be specific.  Stocks quickly sold off after tension between the U.S. and Iran escalated.  But we don’t remember when there wasn’t ‘tension’ in the Mideast.  Individual risks such as this tend not to be...

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