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A New Age of Uncertainty

Donald J. Trump will take the oath of office Friday, January 20.  This fact is disorienting for many but viewed as promising by others. Trump’s election is part of the larger picture, that we live in a new age of uncertainty, suspended between an old order and a new one being formed. "Business as usual"

Emotion Trumps Rationality

As Ben Graham said, ‘In the short-run the market is a voting machine—reflecting a voter-registration test that requires only money, not intelligence or emotional stability—but in the long-run the market is a weighting machine.’ Warren Buffet - Letter to Berkshire Hathaway Shareholders (1992) All the major U.S. Indexes surged to new highs last week.  It

What is the market most worried about
concerning this election?

Greg Valliere, a leading consultant on how federal policies affect markets and personal finances, shared his insights with a small group of investment advisers last week in Nashville.  He called this election the nastiest election of our lifetime and provided forecasts of election scenarios. He did not mince words in his critique of either presidential

Fallout from Britain’s vote

Britain’s vote to leave the European Union (EU) caught the world by surprise. Since the vote, stock market volatility has increased dramatically—a predictable result because stock markets don’t like uncertainty.  Similarly, interest rates have declined—just as dramatically—because investors seek the safe haven of U.S. Treasury bonds during uncertain times.  With lower rates at home, spillover

British shock and what it means

In a referendum held June 23rd, British voters expressed their will to exit the European Union.  The European Union (or EU) is a confederation of member countries that created a common economic area with laws allowing trade and people to move freely. The initial market reaction to the referendum was dramatic across the globe. This