What a Year

January 7, 2020

In 10 years, no one will remember the specifics of 2019. Only historians will reminisce about the market undulations, the Federal Reserve’s waffling, and any of the political theatrics. Most will recall 2019 as a historic year in the capital markets.

Nerves, News, and Noise

December 24, 2019

I know better than to believe that I can cause a butterfly effect, yet I am the slightest bit worried about writing a year end note before the year actually ends. We therefore begin the second annual Nerves, News and Noise with a disclaimer that if the markets get messy over the next five days, it is not my fault.   What you will notice about Nerves, News and Noise is that some things are constantly in flux and some things never change.   Nerves   Last year: Near panic! A year ago, most major global stock markets were either in a bear market or on the precipice of one. This year: What, me worry? The S&P 500 has risen over 30% YTD (as of 12/20/19) and the CBOE VIX Index (a common measure of fear in the market) is currently signaling that there is nothing to be concerned about.

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