Covid-19
February 28, 2020
In light of recent market moves, we wanted to share our views on the potential impact from the coronavirus (COVID-19) on markets. We, of course, are not virologists and do not have views on the particulars of the virus itself. However, there has been a great deal of speculation on what impact this might have on financial markets. We are not dismissive of these concerns and are monitoring the situation.
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2019 Fourth Quarter Review of the Markets
January 28, 2020
2019 proved to be an exciting year for investors with asset prices rising across the board. After 2018 where full-year performance numbers prompted a shrug, but masked widespread volatility near year-end, 2019 showed strong results against a backdrop that can largely be described as “more of the same”. The S&P 500 returned 31.5% for the year.
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2019 Third Quarter Review of the Markets
October 23, 2019
U.S. stocks posted mixed results for the third quarter. Large cap stocks were up less than 2% while smaller stocks, as measured by the Russell 2000, were down 2.4%. Internationally, developed market foreign stocks were up in line with the S&P 500 in local currency terms. However, for U.S. based investors, they were down about 1.1%
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2019 Second Quarter Review of the Markets
September 24, 2019
In a continuation of the first quarter rally, both global stocks and bonds registered positive returns in the second quarter. In the U.S., the S&P 500 rose 4.3%. The Russell 2000, which measures the performance of smaller company stocks, increased 2.1%. Abroad, developed market stocks outperformed emerging market stocks.
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2019 First Quarter Review of the Markets
September 23, 2019
After a difficult 2018, a year in which nothing really worked from an investment perspective, 2019 has started off as a year in which everything has worked. Stocks rebounded off of their December lows during the first quarter of 2019. The S&P 500 returned 13.65%. This represents the largest quarterly gain since 2009.
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2018 Fourth Quarter Review of the Markets
September 22, 2019
The fourth quarter of 2018 was negative for global stocks. In the U.S., the S&P 500 sank 13.5% for the quarter, erasing the year’s gains. Growth oriented stocks generally fell harder than more value-oriented names; however, both were down over 10%. Smaller companies in the U.S. did particularly poorly. The Russell 2000 declined 20.2% and ended the year down 11%.
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2018 Second Quarter Review of the Markets
September 20, 2019
The second quarter of 2018 saw mixed returns across asset classes. The S&P 500 returned 3.4%. Within the US equity market, small companies outperformed larger companies with the Russell 2000 returning 7.7% for the quarter. Looking abroad, developed market stocks increased by 3.5% in their local currencies.
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2018 First Quarter Review of the Markets
September 19, 2019
Volatility is back. The first quarter of 2018 reminded investors that markets do not always go up, and that high valuations can make markets more sensitive to bad news. January returns were strong, picking up right where 2017 left off.
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2017 Fourth Quarter Review of the Markets

2017 was another stellar year for stocks as prices around the world increased. The media seemed to constantly report record highs domestically with the S&P 500 index increasing 21.8% for the year. Internationally, stocks also performed well, gaining 27.2%. Ultimately, 2017 will go down as a year of strong returns and exceptionally low volatility.
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