Quarterly Commentary

The Implications of an Ultra-low Yield World This quarter’s newsletter addresses two issues; large cash balances in client accounts and the challenges investors face in …

The first half of 2019 was a drama involving the bond market anticipating a recession and the stock market assuming that the Fed would ride …

Investors are on edge. One good quarter does not a year’s performance make. I interpret the recent market volatility as evidence that we are in …

2018 placed MCS clients, measured as one large portfolio, in the top return categories among asset classes. This is no small feat. Until the fourth …

The third quarter ended strong for US stocks and weak for bonds. As October ends, stocks have given back this year’s gains. Investors are getting …

The markets treaded water in the first half. Trade war rhetoric, a deceleration in non-US global economic growth and fears of a yield curve inversion1 …