The stock market moved in a wide range during the first quarter, but for all the gyrations the net effect was quite mild. By our rough calculation, the Dow Jones Average tacked back and forth more than 8200 points on a closing basis during the first quarter of 2015! Despite violent day-to-day price fluctuations this well-known index finished down a trifling 47 points. By comparison, the S&P 500 notched a slight gain in the first quarter. Recent sideways price action seems to reflect the same behavior investors have been witnessing for several months now. For all the volatility, stocks have been relatively range bound since mid-November of last year. Why have stocks stalled out recently and what’s ahead? Click Here to Continue Reading
Click the following link to download a copy of the presentation. North Bay Investors 9.13.14
Contrary investing is the concept involving taking the opposite side of the majority or the “conventional wisdom” of the day and can be very effective when opinion is heavily one-sided. In this commentary (click to read) we highlight two contrary ideas currently featured in our privately managed accounts and actively managed ETF.
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In March 2009 the S&P 500 reached its lowest point since the turn of the 21st century. Nearly five years and 177% later many investors find themselves looking on from the sidelines with substantial cash positions. The S&P 500 continues to make new highs, leaving many stock valuations stretched to the upside. The low hanging investment fruit have already been picked over making it much more difficult to find bargain investment opportunities. Now more than ever in order to succeed investors need to employ an investment roadmap that adapts to the ever changing financial market landscape… click here to continue reading