Category: Markets

 “Markets don’t crash from all-time highs.” This old saying is making the rounds again. Why? The Dow just closed at an all-time high for the 8th consecutive trading day and 34th time in 2017. That’s a lot of all-time highs, and it comes after the 122 all-time highs in 2013-2016. We haven’t seen this many […]

The Best of Times

It is the best of times. The age of wisdom. The epoch of belief. The season of Light. The spring of hope. We have everything before us. Source: The financial markets have become a tale of one city, a utopia in which the streets are paved with risk-free reward. Try to remember the air […]

Irrational Optimism

In the months following the election, we saw optimism surge higher in a number of prominent indicators… Homebuilder sentiment hit an 11-year high. Small Business optimism hit a 12-year high. Consumer confidence hit a 13-year high. Philadelphia Fed Manufacturing survey hit a 33-year high. The thinking was as follows: a new era of higher economic […]

U.S. National Debt continues to rise and many investors are afraid. This fear is nothing new; it has been around for decades. Is it rational for equity investors to fear rising debt levels? Let’s take a look. First, some background. Since 1966, the U.S. National Debt has risen in each and every calendar year. Through […]

Will There Ever Be Another Correction?

Will there ever be another correction? An absurd question to be sure, but one I’m fielding with increasing frequency these days. Why? It’s been more than a year since the S&P 500 declined as much as 5% from a prior high. That’s quite a long time, now the 5th longest period without a correction in […]

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