Observations and Perspectives: Passive ETF Investing & Sleepy Markets. Stay Alert!

Terri Spath, Chief Investment Officer | 7/18/2017

“The reports of my death have been greatly exaggerated”, quipped Mark Twain after being told a newspaper had published his obituary when he had fallen ill. The death of active management has also been prematurely announced and is rooted in the herds of investors pouring money into passive ETF funds mimicking indexes.


Observations and Perspectives: Canaries in the Coal Mine: What to Watch as Stocks Continue to Make New Highs

Terri Spath, Chief Investment Officer | 6/21/2017

Stocks continue to teeter at all-time highs and the out-sized profits enjoyed since November of last year are really a continuation of the bull market that turned 8 years old this past March. Low starting valuations, improved economic growth and employment, increased corporate earnings and low interest rates have driven the moves upward.


Observations and Perspectives: Look Out Above! Rates Are Going Up.

Terri Spath, Chief Investment Officer | 3/1/2017

About fifty days into the new administration and the trend we have observed since July 2016 remains intact: interest rates are going up.


Observations and Perspectives: Is the Sugar High Wearing Off?

Terri Spath, Chief Investment Officer | 1/12/2017

Anticipation of lower taxes and higher infrastructure spending initially pushed investor enthusiasm and stock prices higher for several weeks following the election of Donald Trump as the 45th President of the United States. At the same time, a sea of change from central bank dominated markets to a focus on fiscal policy sparked inflationary fears, a stronger dollar prompted a melt-up in interest rates. As the Dow inches toward the historic level of 20,000, the sharp runs in stocks have begun to consolidate while rates have retreated. The sugar high is wearing off.


Observations and Perspectives: Do You Smell That?

Terri Spath, Chief Investment Officer | 11/1/2016

What’s that smell? No political jokes. No celebrity ones either. That smell you smell is the faint whiff of inflation seeping into the economy. It’s also one of the big reasons for the cruel October bond selloff.