Two States

This was written before yesterday's selloff in the global markets.  The premise still holds true, except the decline is larger now.   Two States A portfolio can only be in two states:  a drawdown or making new highs.   The definition of a drawdown is the decline from a peak value (new highs) to a trough (the … Continue reading Two States

Themes from 2017

2017 is coming to an end.  Stock markets around the globe are having above average years in terms of return.  Record highs in the US stock markets are occurring every week.  Corporate profits are near all-time highs and Congress just passed a bill that will lower corporate tax rates.  We could see new all-time highs in corporate … Continue reading Themes from 2017