After a remarkable run like we’ve experienced over the past two-and-a-half months, it’s natural to wonder if the good times will continue or if something more ominous is on the horizon. The end of 2020 greatly rewarded risk-takers in the stock market and may have even emboldened some to move out further on the risk …

Over the past few months, we’ve observed a broadening of positive performance across all stocks contrary to what we experienced over the past several years where a few large cap stocks had largely driven stock index performance. Broader participation among stocks in market gains is generally considered a healthier dynamic than the alternative. From a …

It’s that time of year again. Everyone’s putting out their year-in-review pieces and 2021 outlooks. For me, 2021 re-enforced some of the most prevalent time-tested principles of investing. Three in particular stand out. First, having a long time horizon is essential to most investors’ success. I spoke with someone recently (we’ll call him Jack) who …

With each passing week, the conversation about stock market bubbles feels like it’s intensifying. I’m not really sure if that’s true but if feels like it. It actually just might be that a few people are becoming increasingly outspoken. Naturally, the conversation has progressed to bubble talk as the stock market has continued to climb …

The recent run up in Bitcoin has been nothing short of crazy. I mean it’s doubled since the first part of November! I’m not going to pretend I know for certain why it has run up so quickly but I have to imagine increased institutional interest along with Square’s and Paypal’s announcements last month have …

Sentiment is possibly the most important element of investing in stocks. We all get caught up in valuations and fundamentals, which are important, but valuations can become inexplicably extreme in either direction for longer periods of time than we might anticipate and unjustified fundamental expectations can be construed in any light to support a narrative. …

I recently finished Howard Marks’ Mastering the Market Cycle. It was a great book from an industry veteran who has seen a thing or two during his six decades in the business. While there is much wisdom in the book, the part that continues to stand out to me is the chapter on how to cope …

With the election in the rearview mirror and legitimate vaccine options on the horizon, the stock maret continues to grind higher. The stars appear to be aligning for another leg up in stock prices as the market discounts a continued recovery and eventual triumph over COVID. However, there continue to be plenty of bears out …