Volume 1, Issue 79 • Spring 2018
“The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values."
After a strong start to the year, the equity markets turned ugly in February and March, snapping a nine-quarter winning streak. A pull back in technology shares, rising trade tensions and fears over higher interest rates and inflation led to a return in market volatility and the downturn in prices. After making a high in January, stocks (as measured by the S&P 500) declined by 10.1%, rallied back 8% by early March, then suffered another 5% decline before bouncing slightly at quarter end.
Read full newsletter here.