Quarterly Newsletters

Q1 2019 Market Commentary

Market Commentary – Q1 2019


By: James K. Tonrey, Jr., Chief Executive Officer

The financial markets are supposed to discount the future, up to nine months out, given that all public information is known and, therefore, priced accordingly. The markets are seen as a reliable future indicator of the economy, a look into the crystal ball, since real people and institutions place their money on the direction of asset prices. However, as we have all too often experienced, things can change quickly in the world we live. Now more than ever, emotions (fear and greed) are playing a greater part in investment management in the short-run.One only has to look at the legitimacy and growth in the study of behavioral economics. The increase in momentum investing, both to the upside and downside, is here to stay as institutional algorithmic trading and the 24/7 news cycle is now woven into the fabric of our daily lives. [Read More]

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