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Views from the Hill
Recent Realized Equity Value Premiums and Expected Planning Outcomes
March, 2024 The 20-year return of US small cap value stocks versus the S&P 500 Index of large US stocks negatively dipped this year for the first time in US stock market history. Two decades is a long time to … Continue reading
Exciting Returns Are Not Expected Returns
February, 2024 The S&P 500 index of large U.S. stocks closed above 5000 last Friday, a record high for 2024 That same day a new client emailed us expressing concern about their account returns last year. Before becoming a client, … Continue reading
Market Review 2023: Annual Forecasts Missed the Mark – Again
January, 2024 Market predictions could not have been more wrong, defying media speculations. With so many bearish forecasts, 2023’s blockbuster ending was unimaginable. The Federal Reserve raised interest rates in 2023 at the fastest rate since the 1980s, a regional … Continue reading
Country Debt, Fed Fund Rates, and Stock Returns
December, 2023 Contrary to a popular storyline of media commentators, since 1975 stocks have climbed two-thirds of the time in countries whose government debt exceeded 100% of gross domestic product (GDP). U.S. government debt reached 121% of the value of … Continue reading
Stocks in the Market vs. the Stock Market
November, 2023 Aggregate stock market valuation ratios have not been strong predictors of broad market returns in the short or the intermediate term. And yet, high stock valuations sit near the top of concerns cited by investors about the state … Continue reading
Can Investors Outperform Artificial Intelligence?
September, 2023 Active investors such as hedge fund managers continually seek an informational edge for market trading. That includes using artificial intelligence (AI) to retrieve and process data attempting to make more profitable trades. Tools similar to AI that gauge … Continue reading
Reducing the Range of Planning Outcomes
August, 2023 The probability of experiencing positive returns from informed stock investing increases over time. An allocation to a value-weighted group of US large stocks grew wealth during 75% of the one-year periods between January 1926 and May 2023; however, … Continue reading
Our Perspective on the U.S. Debt Ceiling Debates
June, 2023 KEY TAKEAWAYS The debt ceiling is the amount of money Congress has authorized the government to borrow. The ceiling has been raised 78 times since 1960. While resolving the debt ceiling fight is unclear, it is only one … Continue reading
Should Interest Rates Raised or Lowered Concern Your Long-Term Planning?
May, 2023 The Federal Reserve Bank once again raised its rate another quarter point. It signaled that that may be the last increase for a while. A series of rate increases are the Fed’s effort to lower current high inflation … Continue reading
When Headlines Worry, Bank on Informed Planning
April, 2023 Regulators took control of Silicon Valley Bank as a run on the bank unfolded at internet speed last month. Two days later, regulators took control of a second lender, Signature Bank. They were the second and third largest … Continue reading