Valuations Matter

The returns witnessed by investors over the past few years have been an outlier. Entering the year, the 3-year annualized return for the S&P 500 was ~25% with the U.S. Barclays Agg. returning ~5%. In an environment where one has had strong returns, it makes one...

Rearview to Windshield, June 2022

Developments over the Past Month: The Beatings Will Continue Until Morale Improves: Markets wrapped up a volatile month of May exactly where it began. We started May at 4,131 on the S&P and ended May at 4132. Along the way we had 9 of the 21 trading days see 2%...

Rearview to Windshield, May 2022

Developments Over the Last Month   April showers doused bullish sentiment last week as the SPX wrapped up April with an 8.8% decline. This was the worst April return for the index since 1970 and the fourth lowest April return on record. Fear over this week’s FOMC...

Aptus Musings: Q1 2022 Earnings Expectations

Q1 2022 Earnings Preview Earnings season started last week with JP Morgan (“JPM”) and a slew of other banks, and given the early tone, this earnings season could be underwhelming as we did not witness the outsized beats we have become accustomed to over the last year....

Rearview to Windshield, April 2022

Developments over the Past Month   Monthly Recap: March was a tale of two different periods (see below). The first quarter was one of the worst on record for the collective performance of stocks and bonds, with the latter worse than the former. This makes sense...

Rearview to Windshield, March 2022

The market, measured by the S&P 500, officially entered a “correction” phase, as investors continue to disseminate the latest news on the Russia/Ukraine front. Markets have been attempting to price in worst case scenarios as it pertains to Russia and Ukraine over...