Monthly Commentary January 2016

Monthly Commentary

  Introduction   To start the New Year, global equities stumbled out of the gate, suggesting January was a continuation of December, with declining global equity (-6.03%) and oil prices (Brent: -6.81; WTI: -9.23%) more than offsetting modest gains in…

Monthly Commentary December 2015

Monthly Commentary

Introduction Our expectation for 2015 was for a continuation of divergence in global economic growth and central bank policy, with the US moving towards less accommodative monetary policy driven by accelerating growth, with greater accommodation in response to decelerating growth…

Monthly Commentary November 2015

Monthly Commentary

  Introduction We were shocked and saddened by the November 13th ruthless attacks in Paris, where so many innocent lives were prematurely taken, as our thoughts and prayers go out to the victims and their families.  While discussions of capital…

Monthly Commentary October 2015

Monthly Commentary

Introduction In a departure from fundamentals, markets decoupled from macroeconomic concerns in October, as investors responded opportunistically to the sell-off in the third quarter to buy on the dip and cover short positions. As a result, the old adage that…

Monthly Commentary September 2015

Monthly Commentary

Introduction While many believe October to be the worst month for stocks, depending what period we examine, September or August can also claim that distinction. Since 1950, September exhibited the lowest average monthly price return for the S&P 500 while…

Monthly Commentary August 2015

Monthly Commentary

  Introduction The August heat was not kind to capital markets, as the ripple effects from June and July’s early volatility rumblings broke out in earnest.   China’s currency devaluation in early August was identified as the catalyst for the initial…

Monthly Commentary July 2015

Monthly Commentary

Introduction In July, we witnessed a continuation of the market turbulence and dispersion experienced at the end of the second quarter. As European equity markets declined at the start of the month before rebounding, the correction in Chinese A-shares cascaded…

Monthly Commentary June 2015

Monthly Commentary

Introduction While the speed and timing of events in Greece and Puerto Rico may seem surprising, it is not a surprise that these crises have finally reached a terminal point.  It has been widely believed for some time that debt…

Monthly Commentary May 2015

Monthly Commentary

Introduction   With quantitative easing now in the history books and the Fed considering when to raise short term rates, the period of very accommodative monetary policy in the US is quickly winding down.  Global investors are nervous about the…

Monthly Commentary April 2015

Monthly Commentary

Introduction April was a tumultuous month for capital markets and impacted changing expectations of global monetary policy, oil production, and geopolitical events. Global equity markets generally moved higher, with international markets outperforming US markets, reversing the outperformance domestic equities enjoyed…