Q2 2025 Market Paradox: Trade Chaos (Check ✔), Market Rally (Check ✔) The quarter brought the paradoxical combination of unprecedented global trade volatility with surprisingly resilient market performance. From the United States’ military engagement with Iran—which counterintuitively drove oil prices below pre-war levels—to the dramatic “TACO trade” saga where Liberation Day tariffs sparked violent market…
Small-Cap Stocks Q1 2025 Update: Pinching Pennies Amid Tariff and Fiscal Headwinds Small-cap stocks took a step back in this quarter. This followed strong momentum after the November election. Tariff announcements created significant business uncertainty as they flipped between on again off again tariff announcements with two of our largest trading partners, Canada and Mexico. The…
Small-Cap Returns in 2024: Breaking a 46-Year Pattern Small caps logged respectable returns in 2024, but like a broken record, took another turn and lagged behind their large cap brethren. That is neither awe inspiring nor shocking given small caps’ 14-year relative underperformance run. What is truly shocking is that the Russell 2000’s 11.5% return…
Small-cap stocks outperformed most major asset classes this quarter—such a rare event we can hardly remember the last time it happened! Interestingly, the majority of this performance occurred during a brief five-day trading window in early July, when small-caps surged 12%. That spike is significant, because it highlights how far small-caps had fallen behind and …
This quarter, we are honored to present a special reflection letter penned by Greg Wait, as he marks his retirement after a distinguished investing career. His unwavering commitment to our clients and his passion for responsible investment have left a mark on our firm and the broader investment community. As Greg shares some of the…
Q1 2024 Market and Strategies Update Houston, the Eagle has Landed Nearly 55 years have passed since the historic Apollo 11 mission culminated with Neil Armstrong’s iconic declaration from the lunar surface: “Houston, Tranquility Base here…the Eagle has landed.” This momentous achievement teetered on the brink of failure as the lunar module, Eagle, initially bypassed…
Q4 2023 Market and Strategies Update 2023 Review The past year presented a series of challenges for the financial markets, yet it concluded on a note of resilience and growth. Throughout 2023, we witnessed a complex landscape, marked by a gridlocked Congress in January, a banking crisis in March, concerns over a government shutdown during…
Q3 2023 Market and Strategies Update Rates, Rates, Rates Location, location, location – that’s a popular saying in the real estate world, emphasizing the significance of a prime location in determining a property’s maximum value. When it comes to valuing both stocks and bonds, interest rates take center stage as the most crucial factor. The…
Q2 2023 Market and Strategies Update Macro Economic Update The second quarter of 2023 saw continued gains for equity markets driven by a pause in interest rate increases and stabilization in the banking industry. Bonds were down slightly in the quarter but still have positive returns year-to-date after their drubbing in 2022. Inflation continued its…
Q1 2023 Market and Strategies Update The first quarter of 2023 saw a reversal of fortunes in the stock and bond markets, with solid gains across the board. While Nasdaq and growth stocks led the way, all major indices, including bonds, saw increases. However, the gains were not without some intra-quarter volatility, driven by textbook…
