Quarterly Commentary

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 …

Warning Shot: Stocks, Bonds, Inflation, and Interest Rates The first quarter of 2018 offered some validation of my number one concern (expressed in detail in …

Year End Results If MCS clients’ investments were treated as one large portfolio including their cash, on average clients gained 4.28% in 2017, after fees. …

Sequence of Return Risk This quarter’s update introduces the concept of Sequence of Return Risk and how this under-appreciated risk especially relevant in today’s market …