Seeing 20/20 into 2020?

Following the market’s swoon last year, many investors became convinced that a recession was lurking right around the corner. After all, the stock market has proven to be a fairly reliable leading indicator before – and a steep sell-off is rarely just noise. Yet, the Federal Reserve quickly reversed course, stock markets responded with their … Continued

A Turbulent Ride

The last six months have been a turbulent time in the financial market as we endured the two most extreme return quarters for the S&P 500 since the financial crisis. If you are asking yourself, “What happened?!”, you’re not alone. Few experts predicted a year of negative stock market returns in 2018 given the favorable … Continued

Sand Hill Market Update October 29, 2018

Following very strong third quarter stock market returns, volatility in October has picked up significantly, culminating this week with a correction that caused the S&P 500 to move into negative territory for the year. Given the severity of the sell-off, (down 10% since late September) as well as the significant daily volatility, we thought you … Continued

The Facts Ma’am, Just the Facts

As we reflect on the eventful year just passed, it is a good reminder of how difficult it can be to predict market outcomes. Even in the eighth year of a business cycle, and during a period when domestic policy struggles and geopolitical tensions were probably at their highest level in a decade, capital markets … Continued

Politics Aside

In the months leading up to the presidential election, and now almost one year into President Trump’s term, there has been a great deal of ongoing speculation about how this President and Congress might influence the financial markets. In particular, and top of mind for many market participants, is the degree to which potential tax … Continued

Mixed Signals

Investors have had a lot to be excited about thus far in 2017.  With stocks reaching new all-time highs and longer-term interest rates trending lower, every asset class, with the exception of commodities, has delivered a positive return.  However, two important markets – the U.S. stock market and the U.S. bond market – have begun … Continued

The Plot Thickens: More Than Meets the Eye

As we reflect on the last eight years, various stages of the economic and market recovery have unfolded like chapters in a book.  Many parts have told a predictable tale and, at various times, we have been left wondering if there would be an unpredictable twist or a surprise ending.  While the story may be … Continued

Why Hasn’t Goldilocks Run Back Into the Forest Yet?

With another year in the history books and equity markets off to a strong start in 2017, we can’t help but reflect on the Federal Reserve’s role in this elongated period of appreciation in the stock market.  Recently, the improvement in the economic outlook has resulted in the Fed initiating a tightening cycle which has … Continued

Tales from the Shift: “Have Share Buybacks Peaked…?”

When companies have excess cash on their balance sheet, they have a few buckets they can allocate towards. However as it relates to sharing that cash with stockholders, it all comes down to buybacks and dividends. Whereas companies have long returned cash to shareholders, momentum shifted earlier this decade towards share repurchases with corporate America … Continued