Market Report

Key points for the quarter include: Headline S&P 500 performance does not tell the whole story; the yield curve remains inverted; excess savings are being depleted; we discuss the expectations treadmill; and it is important to stay the course.

Key points for the quarter include: Five days and 15 ballots to elect the Speaker of the House was not a record; the pace of Fed rate increases slowed during the quarter; market concentration is declining but is still elevated; the yield curve is deeper into inverted territory; and we share a few comments about investment account custodians.

Key points for the quarter include: The fairy tale has ended; many bubbles burst in 2022; yields increased spectacularly; we conclude our capital allocation series, discussing acquisitions; and monetary policy changes have a delayed effect on the economy.

Key points for the quarter include: The Fed is tightening aggressively; our investment opportunity set is increasing; equity multiples compressed and bond yields rose; we discuss paying down debt and dividends in our capital allocation series; and equity markets are discounting machines.