Insights

“Déjà vu confirms a faithful path worth taking.”– T.F. Hodge Folks familiar with me know I like to use themes when discussing my economic and capital market views. I tend to view the economy (and much else in life) in a historical context. Why? Just because this is a...

We wouldn’t call it a scorching Santa Claus rally, but the S&P 500 was able to hang on and post a positive total return of roughly 2.7% in Q4 2025. This put a nice cherry on top of another solid year for US equity investors. In calendar 2025, the S&P 500...

The S&P 500 finished November up 0.2%, bringing year to date returns to 17.8% through month end. A flat month on the surface doesn’t quite capture the experience investors lived through, as it took a late-month rally to pull the index back to where it started....

October could best be described as a mixed bag: some good, some bad, but certainly eventful. The month’s headlines and market reactions once again reinforced our Clear Air Turbulence theme, as investors navigated through some spooky developments: renewed government...

Mark Twain once said that September is a particularly difficult month to invest in stocks. Of course, he went on to comment jokingly that the other 11 difficult months included all other 30-day periods that comprise the calendar. Well, not true this September. The...

The current market set-up and drama surrounding the Federal Reserve (the Fed) is center stage right now and about as Shakespearean as it gets. In this unfolding monetary policy play, Fed Chairman Jerome Powell is seemingly cast in the role of Hamlet. Taking some...