Market Updates


Recent Posts


  • Monday Update: Industry Strong, But Consumer...
    by (Brad McMillan, CFA, CAIA, MAI) on March 19, 2018 at 5:25 pm

    Last week was a busy one for economic news, with five major reports covering all areas. But this week, all eyes will be on the Fed. Let’s take a closer look. […]

  • No Economic News Is Good News
    by (Brad McMillan, CFA, CAIA, MAI) on March 16, 2018 at 7:26 pm

    One of the best ways to tell that the economic news is good is that it simply isn’t showing up in the news. The old media saying, “if it bleeds it leads,” means you don’t see a lot of good news on the front pages. Hence, we now have politics taking the lead, along with various disasters. When business stories do appear, they are typically company specific and focus on (what else?) bad news. The Toys R Us bankruptcy is a case in point today. […]

  • Remembering Dr. Stephen Hawking: Lesson for...
    by (Brad McMillan, CFA, CAIA, MAI) on March 15, 2018 at 7:08 pm

    Today, I would like to pause and remember the life and work of Dr. Stephen Hawking, renowned physicist and a personal hero of mine. His life combined a commitment to science with a complete refusal to give in to a debilitating medical condition. Instead, not only did he continue to learn and grow, but he extended the limits of human knowledge—quite literally to the end of time. Not all heroes wear capes, as the saying goes, and his heroism in continuing to live and work in the face of illness is beyond all admiration. Thank you, Dr. Hawking, not just for your work but for the inspiration and example of a life well lived. […]

  • Could the Great Financial Crisis Happen Again?
    by (Brad McMillan, CFA, CAIA, MAI) on March 14, 2018 at 4:40 pm

    Today marks the 10th anniversary of the failure of the Wall Street firm Bear Stearns, widely considered the opening act of the great financial crisis of 2008. Bear was done in, so the story goes, by a mix of ill-considered bets on mortgage securities and excessive borrowing. After it went down, banks started to look around to see what other companies might fail—and found that they really couldn’t tell. As a consequence, each bank started to pull back individually, and the flow of liquidity that supported Wall Street fell apart. As each bank pulled away, the fears of collapse started to turn into reality, which only worsened the problem. The downward spiral led to what we now know as the […]

  • Monthly Market Risk Update: March 2018
    by (Brad McMillan, CFA, CAIA, MAI) on March 13, 2018 at 5:15 pm

    This is another special edition of the market risk update, following a significant bounce from the February pullback. Overall, the conclusion of a green light last month was correct, as much of the damage proved to be temporary. But it is worth taking a look at what happened and why. Where special comments are needed, they will be in italics. […]

  • Monday Update: Jobs Report Exceptionally Strong
    by (Brad McMillan, CFA, CAIA, MAI) on March 12, 2018 at 4:55 pm

    There were three major economic reports last week, which gave us a look at the service sector, trade, and—most important—the job market. The week ahead will be a busy one, with five major reports expected. […]