Commentary

Each month, the BCWM Portfolio Management team publishes an Investment Commentary that examines the latest developments in financial markets and the economy. We filter out the noise and present the information most relevant to our investment strategies and management of our clients’ portfolios.

investment-commentary

Investment Commentary Sign-Up

Search BCWM Archives

Ready to Fly the (Un)Friendly Skies Again

by

We have officially removed airlines from our list of industries in which we would absolutely never invest. Years ago, I decided it was a dicey proposition to invest in airline stocks and vowed to avoid them. It was an industry that always seemed to figure out how to shoot itself in the foot, and I…
Read More

Why Doomsday Isn’t Today (or Tomorrow)

by

Since the stock market “bottom” of March 2009, the S&P 500 has climbed 169%, which translates to over 21% per year. Conventional wisdom would tell you that the stock market is overvalued and is due for a correction. But then conventional wisdom probably told you the same thing a year ago when the S&P 500…
Read More

Demographics and Idiots

by

I attended the 67th CFA Institute Annual Conference in Seattle earlier this month. It brings together CFA (Chartered Financial Analyst) charterholders from all over the world to hear what some of the industry’s most brilliant minds have to say. Last year’s conference was held in Singapore, and next year it will be in Frankfurt (Germany, not…
Read More

Ukraine Pain

by

For the first time in over a year, investors were faced recently with legitimate “headline risk.” Not since the bogus “Fiscal Cliff” scare of late 2012 have there been headlines frightening enough to make investors worry. I have said all along that securities markets prefer tranquility. They don’t like noise and uncertainty. Markets like Disney…
Read More

January Chill

by

January got everyone’s attention. A declining stock market always gets attention and last month the S&P lost 3.4% after a 30% increase in 2013. The Dow Jones Industrial Average lost over 5% and foreign stock markets were down as well. As usual, pundits are falling all over themselves assigning blame for the sell-off in January.…
Read More