Crazy Train

Posted Posted in Morning Jog

After that rollercoaster of a year, 2021 could not get here fast enough. But the relief from seeing the calendar turn was fleeting. We woke up on January 1st to the persistent third wave of the pandemic, renewed lockdowns and recognition of the tough slog towards regaining normalcy. And just when political noise appeared to […]

No Man’s Land

Posted Posted in Morning Jog

After what seemed like an endless wait, November finally brought us some good news and much-needed clarity about our path forward. The election is over and notwithstanding the lingering spectacle in D.C. and slim odds of the Democrats flipping both Senate seats in Georgia’s runoff elections, we will have a divided government at least until […]

Waiting Game

Posted Posted in Morning Jog

Only 17 days remain until the November election. While 17 days is a lifetime in 2020 and political pundits – still scarred from the 2016 polling debacle – continue to agonize over current numbers and the electoral map, the stock market has embraced a more pragmatic view. If markets feared a Biden win and a […]

September Sun

Posted Posted in Morning Jog

Seasonally, September is a weak month for the equity market, so it is somewhat reassuring, if only for the sense of “normalcy” it brings in an otherwise abnormal year, that this September is proving to be just that. What began as a selloff in big tech stocks earlier in the month, extended to the broader […]

Flying High Again

Posted Posted in Morning Jog

If you spend five decades following the markets, as Bob Farrell did in his Chief Market Analyst role at Merrill Lynch, you get to know a thing or two about a thing or two. His “10 Market Rules to Remember” are a must-read for any investor and I am reminded of one of them as […]

Over the Mountain

Posted Posted in Morning Jog

If a tree falls in the forest, but no one cares because: the whole forest is on fire, does it make a sound? The answer is a definitive “no”, judging by how the second quarter GDP number was received this week. The number was stark – a 9.5% contraction in economic activity from the first […]

The Curve

Posted Posted in Morning Jog

The fastest bear market on record, followed by the best* quarter in 20 years, and a decade’s worth of economic and societal change, compressed into a just few months.  We’re half way through the year, and what a remarkable and surreal ride it has been. We’ve certainly come a long way from the depth of […]

Mantra

Posted Posted in Morning Jog

The stock market is not the economy. We all know it. We all say it. But it is one thing to say it, and quite another to live through it. There were moments during the past few weeks, as I watched the market rack up successive gains amidst a wave of anguish and anger sweeping […]

Direction

Posted Posted in Morning Jog

The disconnect between the front page headlines and the markets section, was on striking display this week as the protests following the reprehensible killing of George Floyd continued to sweep the country.  Amid a pandemic and a self-imposed economic recession, our nation certainly didn’t need a national crisis.  We didn’t need burning police cars, destruction […]

Bears on Parade

Posted Posted in Morning Jog

A procession of luminary fund managers made the media rounds earlier this week, each one sounding alarm bells over what they see is an overvalued stock market, completely “divorced from the economy”. The media appearances coincided with two down days in the market, drawing a response from the President no less, who weighed in that […]