Category Archives: PM Reports

  1. ETF's 25th Anniversary

    This January marks the 25th anniversary of the first ever Exchange Trade Fund (ETF) - the SPDRs S&P 500 - bearing the ticker symbol SPY. While index funds in the mutual fund wrapper have been around since 1975, the ETF is relatively new, though not as new as some might think. Much has changed since the first ETF began trading, and there is no question that the investment vehicle has become very popular with both institutions and individual investors.

  2. It's tempting....but don't do it.

    For those who may not be paying attention, stock markets across the globe have been doing well recently. On a year-to-date (YTD) basis, stocks (as measured by the All Country World Index (MSCI ACWI)), have returned over 20%. Even emerging market equities, which have generally lagged developed markets over the last 5 years, are up about 30% for the year. Since the market “bottomed” in February 2016, the broader indices are up about 50%, including dividends.

  3. Volatility

    Volatility in the stock market has seemingly vanished. When considering that there have been only 4 days where the S&P 500 has fallen by 1% or more so far this year, it feels like the only inherent risk when investing in stocks, is the risk of not being invested. By way of reference, the S&P 500 fell by 1% or more on 22 days in 2016. The last bouts of volatility were not that long ago, when investors were contemplating the risk around the flash crash of August 2015, the Brexit vote, falling oil prices and the presidential election.

  4. Republicans Sweep

    Similar to the “Brexit” referendum, the pollsters, in aggregate, got it wrong. Donald J. Trump will be the next President of the United States of America. Further, his party maintained majority in both chambers of Congress.

  5. Looking Back

    Last year brought a wide variety of returns. Table 1 provides returns for some commonly followed areas of the market

  6. Surviving and Thriving in a Recession

    Lately I’ve been asked by a few investors if we think a recession is in our immediate future. I suspect the reason for the questions is some combination of the media, political tension, and the fact that it’s been a while since the last recession.