Market Report

Key points for the quarter include: The environment is aggressive and unpredictable; the Top 10 companies in the S&P 500 represent 40.4% of the cap-weighted index; yields declined and credit spreads tightened; beware of Denominator Blindness; and many aspects of the current environment feel like standing on shifting sands.

Key points for the quarter include: The S&P 500 declined 11.2% in the first six trading days, then rebounded; markets are pricey by many yardsticks; small- and mid-cap value companies are least expensive, on average; the bond market carries a big stick; and we discuss forecasting follies.

Key points for the quarter include: The quarter can be separated into two distinct periods; everyone is looking for an answer to tariffs; volatility created opportunities; and our perspective from year-end is largely unchanged.

Key points for the quarter include: In some respects, last year’s market action reminds us of the late 90’s; market concentration remains high; we wrap up the Risk vs. Uncertainty and the Decision-Making Process series; and the range of potential outcomes in the year ahead is wider than usual, in our view.