“The water understands Civilization well; It wets my foot, but prettily, It chills my life, but wittily, It is not disconcerted It is not broken-hearted: Well used, it decketh joy, Adorneth, doubleth joy:” – Water | Ralph Waldo Emerson (1867) It’s been an outcome that has been vexing many market analysts and investment pundits for much of the spring.  The …

Although summer does not officially begin until June 20, my mental view of seasons is grouped by the months.  Summer: June, July, August;  Fall: September, October, November;  Winter: December, January, February;  Spring: March, April, May.  So with summer already getting underway in this writer’s mind, it’s a good time to look ahead to the key themes to watch across the …

“The lights begin to twinkle from the rocks:  The long day wanes: the slow moon climbs: the deep  Moans round with many voices.  Come, my friends,  ‘Tis not too late to seek a newer world”  –Ulysses, Alfred, Lord Tennyson, 1842  For more than a decade, the U.S. stock market has resoundingly dominated its global developed international and emerging/frontier counterparts.  But …

Stocks are sailing.  It’s extraordinary to consider that in just six astral weeks, the U.S. stock market has transformed from cascading endlessly to the downside to magnificently floating to the upside.

“I’m singing this note ’cause it fits in well with the chords I’m playingI can’t pretend there’s any meaning hidden in the things I’m sayingBut I’m in tuneRight in tune” – Getting In Tune, The Who, 1971 It is the unexpected beauty of the Liberation Day tariff announcements from just over a month ago.  When you initially announce tariffs against …

April was a turbulent month for global financial markets, characterized by heightened uncertainty and sharp price swings. Just three months into the Trump Administration, sweeping shifts in trade policy – most notably a 10% import tariff announced on April 2nd – rattled investor confidence. The announcement fueled concerns over rising inflation and increased borrowing costs, prompting sell-offs across both equity …

Investors have been in search of a new bull market with stocks careening to the downside for more than two months. 

Capital markets are finally making some constructive progress following two tumultuous months. After a gradual descent following its February 19 peak, the U.S. stock market accelerated to the downside once the calendar flipped to the second quarter and the Liberation Day trade war was underway. But following a series of steps by the U.S. to scale back their initial trade …

“Combien, combien, combien de temps?” –R.E.M., Talk About the Passion, 1983 It has been a difficult stretch for capital markets for a couple of months now.  And as we emerge from our Easter/Passover holiday weekend celebrations, investors are left to wonder how much longer will the turbulence that has enveloped capital markets persist as we continue through the spring and into …

It has been a tumultuous second quarter so far. After only nine trading days, we have seen U.S. stocks as measured by the S&P 500 plunge by more than -15% peak-to-trough in the wake of the “Liberation Day” tariff announcements, only to find their footing and battle their way back since. Although the tariffs for most countries have been paused …