October brings the start of the third quarter earnings reporting season, and with 65% of the S&P 500 companies reporting, revenue and earnings growth have been 8% and 11%, respectively. Fourth quarter earnings are expected to rise 7.3% year over year, helping to no doubt support a U.S. stock market that has hit record highs this year. And at its October meeting, the Federal Reserve lowered its benchmark overnight borrowing rate to a range of 3.75%-4.00%. The Fed also announce

In the face of global and economic uncertainty, the market continues to rise steadily, with most major indices up roughly 10% this year....

Despite a backdrop of persistent macroeconomic concerns—including tariff uncertainty, elevated inflation, and ongoing geopolitical...

In the 1960s, the Space Race between the United States and the Soviet Union captured the world’s imagination and drove massive public...

Despite on-again off-again tariffs, bombings in the Mideast, budget impasses in Congress and the Fed facing increasing political pressure...

What do tariffs and Michigan weather have in common? Between the time you wake up and go to bed, chances are you’ll feel like you’re...

The market is always climbing a “wall of worry." As Warren Buffett wisely puts it: “If you’ve got 160 IQ, sell 30 points to somebody else...

Navigating Market Volatility The post-election stock market rally, which saw the S&P 500 rise 7.5% and the Nasdaq gain 10.3% from...

As of this writing, the S&P 500 stock index is up 24% year-to-date (excluding dividends). After the 23% gain in 2023, this marks the...

Long-Term Market Drivers While concerns surrounding the upcoming election and its potential market impact are understandable, the reality...

“ In the short run, the market is a voting machine but in the long run, it is a weighing machine.”   ―  Benjamin Graham The stock market...

As discussed in our July letter, the narrative continues around two markets: the economy and the stock market. The latter of the two has...

In terms of earnings, stock performance, and valuation, this continues to be a tale of two markets.  The ten largest stocks by market...

The economic and stock market backdrops have changed a bit over the past three months. Long-term inflation expectations are higher....

The S&P 500 stock index is up over 25% since the end of October and, excluding the half dozen mega-caps at the top of the S&P 500, the...

It was the best of times, it was the worst of times, it was the age of future rate cuts, it was the age of higher for longer, it was the...

The stock market has moved higher thus far in 2024 with investors anticipating the Fed cutting interest rates, no recession and a return...

One year ago, steadily climbing interest rates led 85% of economists in one poll to predict a recession in 2023.  In March, Fed Chairman...

In our September 29 letter, we noted that historically the S&P 500 Index has been quite strong in the 4th quarter in years when it was...

The stock market pulled back in August and September with most of the weakness in the latter month following Fed Chairman Powell’s...