Portfolio Insights

Why does the Federal Reserve want Inflation?

Investing, as we all know, involves risk. In fact, there are several – to name just a few, there is market risk, interest rate risk, currency risk, default risk, political risk, economic risk, and even natural…
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What do we mean by “the market”?

If you happen to tune into the financial media (and we don’t recommend it!), you will undoubtedly hear frequent references to “the market”. The reporters and commentators will discuss not only what “the market” did, but…
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Corrections are Part of the Plan

If the US stock market made a noise it would sound like crickets right now. As I write this piece in early May, the S&P 500 index has not moved up or down by more than…
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The Case of the Missing Stocks

Here’s a pop quiz for you: How many stocks are in the Standard & Poor’s 500 Index? Hint: There’s a big clue in the name of the index. If you answered “500”, you’re correct! That was…
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The Underperformance of Active Managers Should Surprise No One

I’d like to start this month’s commentary with a moment of silence for the actively managed investment industry. Net client cash flows have been negative since 2004 for actively managed mutual funds, and the latest Morningstar…
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