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.

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R.I.P. Joe Granville

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Last month, one of the more memorable characters in the investment industry passed away. In the 1970s and 1980s, Joe Granville was one of the most, if not THE most, famous stock market prognosticators in America. I didn't say he was the BEST prognosticator, just one of the most famous. According to the Hulbert Financial…
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Syrian Angst Short-Lived

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For the first time in a long time, investors are experiencing global economic and geo-political headline risk. Since late last year I have been saying that in the absence of significant “uncertainty,” stock markets might trend upward. Stock markets like quiet and certainty and they LOVED the first half of 2013. Until August, the most…
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More Easy Money from the Fed

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Federal Reserve Chairman, Ben Bernanke, announced that the Federal Reserve Bank would continue its monthly purchases of Treasury securities ($45 billion) and mortgage-backed securities ($40 billion). He didn't say specifically for how long, but stated the Fed may start scaling back later this year and halt them entirely in mid-2014. Don’t hold your breath. Reasons…
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Doomsday Investing is Always Premature

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The first stock market downturn arrived in June after seven consecutive months of positive returns. The U.S. markets declined only a little more than 1% and foreign markets (the EAFE Index) declined about 3.5%. After yearly gains of over 20%, it is surprising how rattled some investors get after a tiny bit of profit taking.…
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My Dentist is Busy

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May marked the seventh consecutive month of increases for the Dow Jones Industrial Average and the S&P 500. Since the end of October, the DJIA and the S&P 500 have increased just over 17% each. Over the past twelve months, the S&P 500 has increased over 27%! Both indexes have hit new highs in the…
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