Market Intelligence

It’s been widely reported that 2019 was a great year for financial markets.  By all accounts, even a simplistic portfolio of 60% stocks (of the S&P 500, a market value weighted index of U.S. holdings) and 40% bonds (of the Barclays U.S. Aggregate Index), generated an impressive return.  In...

Legendary investor, Benjamin Graham (1894-1976) is widely considered the father of two fundamental investment disciplines: security analysis and value investing.  In his 1974 seminar entitled “The Renaissance of Value”, Graham states: “The title of this seminar … implies that the concept of value had previously been...

Americans will soon be bracing for a barrage of political signs, commercials, and mailers as the 2020 presidential race approaches. A common question from clients is, “who is better for the markets?” Our answer is based on historical data. Generally, investors have done well regardless...

A question we’ve gotten a lot over the past few years has centered on the dynamic between growth-oriented investments, and their subsequent multi-year outperformance relative to value-oriented investments. Wells Fargo Investment Institute Senior Global Equity Strategist, Scott Wren, recently wrote some commentary that we found...

Blackrock, one of the world’s largest investment firms managing over $6 trillion in assets on behalf of investors around the globe, released commentary around the Federal Reserve’s statements on below “trend inflation” or inflation running below the Fed’s 2% target. The Fed has recently signaled...

Much has been written over the past few years about the “death of value investing”. Whenever we hear “the death of anything”, we try to search out a contrarian opinion, as death seems a bit too certain for our taste. As such, sub-advisor Tweedy Browne’s...

2018 was a year of choppy returns in the global markets, and especially so in emerging market (EM) equities. Although emerging market equities tend to exhibit more volatility than other asset classes, we believe they are an important element of a diversified portfolio, as does...

Baron Funds President, COO and Chairman, Linda Martinson wrote an interesting investor letter with her 2018 commentary, addressing the misconceptions investors have between interest rates (particularly rising interest rates), and their effect on stock prices. Below are excerpts we think should be highlighted given the...