Market Updates



  • Wage Growth: Real Vs. Imaginary
    by (Brad McMillan) on July 25, 2017 at 8:32 pm

    Today I’m going to discuss one of the major concerns out there: wage growth. Specifically, is what we’re seeing in terms of wage growth real or imaginary? […]

  • Appearance on CNBC's Power Lunch, July 24,...
    by (Brad McMillan) on July 25, 2017 at 5:28 pm

    This week is an important one for earnings season, with a large number of S&P 500 companies due to announce their results for the second quarter. Given all the political turmoil in DC, should we expect company earnings to follow suit? Or have we already seen all the bad news? […]

  • Monday Update: Housing Bears Watching
    by (Brad McMillan) on July 24, 2017 at 4:02 pm

    Last week was all about housing, and the news was mixed. Although industry sentiment showed a surprising drop, actual activity came in stronger than expected. Overall, the data probably shades to the good side, but housing bears watching going forward. […]

  • Small Gratitudes and Mindful Moments
    by (Brad McMillan) on July 21, 2017 at 5:20 pm

    It’s a beautiful Friday in the middle of summer. I’ve spent the week examining investments and worrying over the future. Instead of more of the same, I thought we could take some time to think about how truly blessed we are right now. […]

  • Here Comes Another Bus: The Debt Ceiling
    by (Brad McMillan) on July 20, 2017 at 5:21 pm

    There’s an important—and potentially very disruptive—issue that has been largely ignored during coverage of the health care debate. The U.S. government hit its borrowing limit on March 16, 2017. Yes, that’s right—the U.S. borrowed as much as it legally can four months ago. Since then, the Treasury has been using the usual “extraordinary measures” to fund the government, including “borrowing” from government pension funds, diverting various funds tasked to other purposes, and looking for spare change in the laundry and the washer to pay the bills. […]

  • Are Current Stock Prices Reasonable?
    by (Brad McMillan) on July 19, 2017 at 6:58 pm

    Valuations continue to reach new highs, and the market looks very expensive—by some measures, the third highest of all time after 1929 and 1999. Meanwhile, the economy is showing signs of slowing. I have made my own views about what might come next pretty clear, but it’s worth taking the counterarguments—that current stock prices are reasonable, not a cause for concern—seriously as well. I say this all the more because analysts I respect are increasingly positing that it is different this time. So let’s see if we can make a case for that. […]