Relief Valve

Relief Valve A pressure relief valve is a safety device that automatically releases excess pressure in a system when it exceeds a predetermined level, preventing potential damage or catastrophic failure. While a relief valve is a critical safety feature, it is not designed  to solve the underlying problem creating the excess pressure. What we have […]
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Is the Stock Market Dead?

Is the Stock Market Dead? Navigating the private markets amid a shrinking universe of public companies   For generations, the stock market has provided a pathway to the American dream. Millions of families have saved and invested in public companies, and as those businesses have grown, they’ve purchased homes, started their own businesses, sent their […]
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Coasting (Further) Down the Mountain | November 5, 2022

Coasting (Further) Down the Mountain The intention this week was to let the market know what it essentially already knew – that this would be the last 0.75% rate increase and that the Fed would begin to slow rate increases. Wednesday’s FOMC Statement was perceived as dovish and immediately sent stocks higher. The presser had […]
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Sheltered from the Storm | September 24, 2022

Sheltered from the Storm The bear market rally in July and August had many people hopeful, but that rally has now disappeared and we are essentially back at the June lows on the S&P 500. All this has happened as the Fed has consistently raised interest rates to address inflation, which has sent the bond […]
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Sugar High? | July 30, 2022

Sugar High? The stock market rallied as the Fed said we have reached the neutral rate. Markets are already anticipating a reversal of rate increases as stocks and bonds rallied. It’s as if the recession has been cancelled, or maybe it’s over before we knew it was here. But the Fed emphasized that it is […]
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Do you Believe in Miracles? | July 2, 2022

Do you Believe in Miracles? We just completed the worst first half stock performance since 1970. (See chart below.) To make matters worse, rates increased and bonds were also hit extremely hard. The result was that the ‘standard’ 60/40 portfolio (60% S&P 500 /40% Aggregate Bond Index) declined a record 16.1% in the first half. […]
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SNAP Judgement | May 28, 2022

SNAP Judgment After reporting slightly disappointing earnings on April 21, just over a month later, on May 23, SNAP, Inc. (owner of social media app SnapChat – ask your kids if you are not familiar) had this to say: “Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster […]
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