Views from the Hill

Our monthly view on global financial markets and behavioral finance. Insightful commentary in a brief format to help professionals and clients make informed planning decisions.

Recent U.S. Stock Market Volatility

While recent volatility of American stock markets may worry some investors, market declines are a normal part of investing and part of the reason why stocks have a higher expected return than other investments. Stock market declines in July and … Continue reading

IPOs: Profiles Are High. What About Returns? – August 2019

Initial public offerings (IPOs) often attract initial public interest — especially when familiar brands become broadly available to investors for the first time. In recent months, investors have had the opportunity to buy shares of ride‑hailing networks Uber and Lyft, … Continue reading

Timing Isn’t Everything – July 2019

Over the course of a summer, it’s not unusual for the stock market to be a topic of conversation at barbecues or other social gatherings. A neighbor or relative might be asking about which investments are especially good at the … Continue reading

Will Index Investing Make Investors Worse Off?

Many commentators claim that the increased popularity of index funds somehow distorts market prices. Their argument premises that indexing reduces the “efficiency” of price discovery. But should increasing use of index funds really concern investors? The acceptance of index funds … Continue reading

The Unexpected in Average Returns

“I have found that the importance of having an investment philosophy — one that is robust and that you can stick with — cannot be overstated.” –David Booth, former CEO and Founder, Dimensional Fund Advisors The US stock market has … Continue reading

Getting to the Point of a Point

While the Dow and other indices are popularly interpreted as indicators of broader stock market performance, the stocks composing these indices may not represent an investor’s actual portfolio or strategy. A quick online search for “Dow rallies 500 points” yields … Continue reading

Déjà Vu All Over Again

“Wild Week Leaves Investors Reeling” is the front-page headline of today’s Wall Street Journal. After remarking on the week’s “sharp plunges and euphoric rises,” it goes on to rhetorically ask: “What is behind the remarkably sudden swings in the market?” … Continue reading

Special Client Edition – Year-End 2018

“Wild Week Leaves Investors Reeling” is the front-page headline of today’s Wall Street Journal. After remarking on the week’s “sharp plunges and euphoric rises,” it goes on to rhetorically ask: “What is behind the remarkably sudden swings in the market?” … Continue reading

Carefully Considering Ownership Costs

Costs matter. Whether you’re buying a car or selecting investments for your portfolio, the costs you expect to pay are likely an important factor in making a financial decision. People rely on different sources of information to make informed decisions. … Continue reading

Midterm Elections: What Do They Mean for Markets?

It’s almost Election Day in the US once again. For those who need a brief civics refresher, every two years the full US House of Representatives and one-third of the Senate are up for reelection. While the outcomes of the … Continue reading