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The Yield Curve

If you pay attention to the yield curve (the “curve”), you have noticed an interesting change over the last two years…. it has flattened substantially!

Getting Back to Normal

Market volatility is back. After going nearly 310 trading days since a back-to-back daily decline of .5% or more, we witnessed a market decline as measured by the S&P 500 of nearly 10%. While some investors have become nervous, we simply see this as a reversion back to normal market volatility.

The Hunt for Loopholes Begins

“Don’t tax you, don’t tax me, tax that fellow behind the tree,” quipped Senator Russell Long, who chaired the powerful Senate Finance Committee from 1966 to 1981. In 2017, as the year wound to a close, House Republicans introduced their version of tax reform.

Quarterly Commentary

Quarterly Commentary Q3 – 2018

Market Performance Overview  Domestic equities continued their upward trajectory, with the S&P 500 up 10.6% year to date. Emerging market equities continued downward, ending the quarter -7.7% year to date.

Quarterly Commentary Q2 – 2018

Market Performance Overview Domestic equities were positive during the quarter, pushing the S&P 500 YTD return to 2.0%. Small cap stocks outperformed all other asset classes as they have less exposure to International trade concerns.

Quarterly Commentary Q1 – 2018

Market Performance Overview Domestic equities took a breather, with the S&P 500 losing -0.8% in the first quarter of the year. Forward Price-to-Earnings ratios for U.S. equities moved lower due to strong analyst estimates and the moderate market pullback.