Year-End 2021 Commentary Video

We hope you enjoy the video and find our comments informative and beneficial. We encourage and welcome your feedback. This video contains general market commentary and information that should not be construed as advice to make any specific investment. For investment advice, please consult with your portfolio manager. Our quarterly market commentary often contains forward-looking statements, predictions and forecasts (“forward-looking statements”) concerning our beliefs and opinions with respect to the future. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Investing involves the risk of loss, including risk of loss of principal invested, that clients should be prepared to bear.

4Q 2021 Commentary Video

We hope you enjoy the video and find our comments informative and beneficial. We encourage and welcome your feedback. This video contains general market commentary and information that should not be construed as advice to make any specific investment. For investment advice, please consult with your portfolio manager. Our quarterly market commentary often contains forward-looking statements, predictions and forecasts (“forward-looking statements”) concerning our beliefs and opinions with respect to the future. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Investing involves the risk of loss, including risk of loss of principal invested, that clients should be prepared to bear.

Fall 2021 Quarterly Commentary

As our last quarterly commentary intimated, our economy has now reached the uneven and uncertain stage. Gone are the days of daily economic ‘beats’. Unfortunately, they have recently been replaced by ‘surprises’ & ‘misses’ to a large extent. This was to be expected with year-over-year comps becoming more challenging. However, beneath the surface, some of the recent weakness has caught our attention.

Summer 2021 Quarterly Commentary

Consumer activity makes up over 70% of the U.S. economy. With most of the country now living an unrestricted life on the other side of COVID, economic activity remains robust. In fact, mid-single digit economic growth is expected for the next 6-18 months. Even the most ardent economic bears would admit that this has been an amazing recovery!

1Q 2021 Commentary Video

We hope you enjoy the video and find our comments informative and beneficial. We encourage and welcome your feedback. This video contains general market commentary and information that should not be construed as advice to make any specific investment. For investment advice, please consult with your portfolio manager. Our quarterly market commentary often contains forward-looking statements, predictions and forecasts (“forward-looking statements”) concerning our beliefs and opinions with respect to the future. Forward-looking statements necessarily involve risks and uncertainties, and undue reliance should not be placed on them. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Investing involves the risk of loss, including risk of loss of principal invested, that clients should be prepared to bear.

Spring 2021 Quarterly Commentary

It has been just over one year since our economy shut down due to the COVID pandemic. What a whirlwind year to say the least! Who would have thought in March 2020 that trillions of dollars of government support (both monetary and fiscal) would be needed to help our economy recover? Probably even more impressive is that Washington DC was actually able to provide the necessary support! As a result, the U.S. economy experienced arguably its greatest recovery of all time.

Winter 2021 Quarterly Commentary

The economic recovery in the United States continued its ascent during the fourth quarter. The COVID-19 lows of March through May seem a distant past when compared to the sharp rebound in manufacturing and solid growth in the service sector.

Fall 2020 Quarterly Commentary

Summer 2020 Quarterly Commentary

The last three months seemed to last a lifetime. So much has occurred over this time span -economically, financially, politically and even culturally. We will stay away from the cultural issues, except to say this is another one of those unique times in American history where, depending on how we respond, the outcome could dramatically impact the other three.

Spring 2020 Quarterly Commentary

The New Year 2020 so far has been one for the ages. COVID-19 news flow has been scary, depressing and relentless. It has changed the world as we know it and there will no doubt be long-lasting economic, market and social implications. We have a ‘new normal’. ‘Social distancing’ and ‘flatten the curve’ are new national taglines. Who would have thought at the beginning of the year that social distancing would ever become preferred by family, friends, clients and co-workers? Certainly not us.