Market Intelligence

Legendary investor, Bill Miller’s quarterly commentary is required reading at Madison, as his insights into the markets and long-term perspective help contextualize today’s volatile markets. Miller started his career as a military intelligence officer before leading Legg Mason’s Value Trust fund to a record-beating 15...

“Everybody has a plan until they get punched in the mouth” – Mike Tyson, Retired Professional Boxer Truth be told, we never thought we’d be quoting Mike Tyson. And while it’s unclear whether the colorful boxer actually uttered the above quote, the sentiment lends itself to...

Dear Friends, This has been a challenging week in the financial markets with much of it attributable to concerns over the COVID-19 Coronavirus outbreak and its potential social and economic fallout. Over the past 20 years, we’ve experienced multiple disease epidemics and global health scares. The...

Madison is closely monitoring the coronavirus outbreak, and our hearts go out to those affected.  From an investment perspective, our opinion of the likely outcome depends on the severity and length of the epidemic, two current unknowns.  However, we can look back at another epidemic (SARS in 2003) to help...

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...