Investment Commentary – In our first quarter 2020 letter back in April, which feels like an eternity ago, we recognized that we were living through an incredible period of history. The pandemic weighed heavily on us then, as it does today. But this quarter, we look back at what we’ve endured and lay out our […]
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Asset Class Returns The S&P 500 is Highly Concentrated at the Top The outperformance of FANMAG stocks means concentration within the index has soared to record highs. The top 10 stocks in the S&P 500 make up a record 28% of the total market cap of the index. The top names in the index have […]
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Investment Commentary – Despite some choppiness in September, equity investors were treated to solid gains during the third quarter. The broader stock market rose 8.9% in the quarter and has recovered most of its losses for the year. Developed international stocks gained 6.0% this quarter and emerging-market stocks returned 10.2%. Both groups still trail U.S. […]
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Investment Commentary – For most of the second quarter, financial markets seemed to defy grim economic news, the continued spread of COVID-19, and worldwide protests against racial inequality. Global equities performed strongly for the quarter and rewarded investors who remained invested. From the March 23 low, the U.S. equity market soared 40%, recording its best […]
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Investment Commentary – We are living through an extraordinary period in history that none of us will ever forget. The impact on our families, communities, and country has been profound. While several weeks ago we had reason for cautious optimism The United States and world are now facing the dual threats of a health crisis […]
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Market and Performance Recap – Our portfolios generated strong returns over 2019, a bullish year for nearly all financial markets. The positive broad-based returns marked a dramatic and welcome turnaround from 2018, a year in which nearly all asset classes faltered. This year’s surprising returns and march toward all-time highs were fueled by a U-turn […]
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