At the end of October, one could almost gather that a some modest relief was returning to the financial markets as the ugly but much anticipated US midterm election drew near and uncertainty over its outcome would be no more.  As it turned out, election day generally went as predicted by political pundits – that […]

In recent days we executed several tactical adjustments in the fixed-income sleeve of client portfolios.  We sold or reduced exposure to short-maturity bond funds and reinvested proceeds into position-traded money funds.  These adjustments take advantage of attractive yields available on short-term money funds relative to the variable return potential on short-maturity bonds in a rising interest rate […]

One word comes to mind when thinking of the drawdown endured in October: relentless.  It was the worst month for US investors years with 16 of the 23 trading sessions during the month being negative.  Worse than that, since the S&P500 made its last all-time high on September 20, 75% of all trading days were […]