Thinking About the Long Run

February 17, 2017

As I wrote earlier this week, for investors, the difference between the short term and the long term is not as obvious as it would seem. Where does one end and the other begin?

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Why Isn’t Political Turmoil Shaking the Market?

February 16, 2017

I spend most of my time thinking about economics and the economy, but over the past several years, that has increasingly included a healthy side helping of politics.

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What a Difference a Year Makes

February 15, 2017

“Those who cannot remember the past are condemned to repeat it.” — George Santayana

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The Stock Market and Me: It’s Complicated

February 14, 2017

In honor of Valentine’s Day, I was going to write about how much I love the stock market. The more I thought about it, though, I realized that “It’s Complicated” is a more accurate description of our relationship. I do love the market, but we have issues.

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Monday Update: Plenty of Data This Week

February 13, 2017

Last week was light on economic data, and what news there was didn’t really move the needle. The recovery continues but at a slow pace, with improvements in sentiment moderating even as the fundamentals continue to get better.

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Appearance on CNBC's Power Lunch, February 10, 2017 [Video]

February 10, 2017

What's behind the ongoing rally in the stock market? I appeared on CNBC’s Power Lunch this afternoon, explaining why I think equities are responding to fundamentals and growing consumer confidence, not, as some would suggest, to President Trump and his policies. 

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Long-Term Needs, Short-Term Focus

February 10, 2017

One of the emerging issues I see many investors grappling with is the short term/long term dichotomy.

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Upcoming Appearances

I'm pleased to be speaking during a general session at the Barron's Top Independent Advisors Summit on Thursday, March 23, at 11:15 A.M. ET. For more information or to request an invitation, visit  

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Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets. The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly into an index.

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.  


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