Tactical Allocation Update, Q3 2020

QUARTER REVIEW Global equity markets continued their ascend from their Q1 lows. As of September 30, the MSCI ACWI (global stock market) is +1.89% year-to-date. That doesn't sound like much, but that's after recovering the -36% peak-to-trough decline from Q1. From that perspective, this year has been nothing short of remarkable. Figure 1: Global Equity … Continue reading Tactical Allocation Update, Q3 2020

Stupid Acronyms

US equities bounced hard off their March lows. The disconnect with fundamental data has many intelligent investors trying to explain the rally with acronyms like FOMO and TINA. But the best explanation may come from the original Intelligent Investor Benjamin Graham who said, "in the short-run, the market is a voting machine, but in the … Continue reading Stupid Acronyms

When Boring is Better

MARKET SUMMARY After a strong 2019, global equity markets made an abrupt move to the downside in the past month. Most major stock markets have officially entered into bear market territory and are down between 20% to 30%. Figure 1: Global Equity Markets YTD Price Returns With markets already uneasy about slowing economic conditions, the … Continue reading When Boring is Better