In my last post titled Disciplined Investing, I wrote about the importance of having a well-defined investment approach. Such an approach must be rules based and robust. The importance of discipline, consistency, and clarity is paramount in preventing oneself from making emotion-based decisions. A disciplined investment approach becomes particularly important when uncertainty and volatility dominate Read More
Category: Investing With the Trends
Market Update: First Half of September
Market Recap: Equities continued to rally in early September as investors anticipate a Fed rate cut. The S&P 500 pushed higher with momentum still concentrated in the large-cap technology stocks. However, breadth improved slightly as other sectors joined in the advance. At the same time, commodities and metals continued their upward trend. What We’re Watching: Read More
Market Update August 2025
Market Recap: The market ended August on a calmer note. The S&P 500 touched new all-time highs, yet those gains were driven by a shrinking group of very large technology companies. In other words, fewer stocks are responsible for pushing the market higher which can be a sign of fragility beneath the surface. Inflation data Read More
What is Diversification?
With the stock market at all-time highs, concentration has reached extreme levels. The top ten companies make up 40% of the S&P 500, with Nvidia and Microsoft accounting for 15% alone. Technology now represents 34% of the index, higher than at the peak of the dot-com bubble. Outside of the top ten, the other 490 Read More
Alternatives That Are Not Alternatives
The fifteen year bull market that started in 2009 drove investor allocations to US equities to all time highs. We are now at levels exceeding the late 1990s dotcom bubble or the 1960s go-go market. Investor allocation to stocks as a fraction of all assets since the early 1950’s Stock market valuations are stretched: current Read More