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1st Quarter 2019 in Review

What a difference a quarter makes. As we said in our last newsletter, “We have recently seen a level of capitulation which contrarians consider a good opportunity to do some buying.” This worked well as the market did indeed rebound in the first quarter of 2019. Small cap stocks surged through February but then faded a bit in March. On the other hand, large cap stocks continued their advance throughout the quarter. Value oriented investing also rebounded. This was a nice change of pace from 2018 when value investing produced subpar results. Our research shows the stock price of companies with earnings averaged losses of over 7% in 2018 while companies without earnings rose over 17%. The James accounts almost exclusively invest in companies with strong and growing earnings, which was a hindrance last year. Fortunately, these conditions have never lasted for extended periods of time and have been excellent opportunities to pick up shares at bargain prices.

Market Outlook

The economy is slowing a bit and earnings overall are as well. As we move later in the economic cycle, value oriented stocks and even high quality bonds tend to do relatively well. Last year was not good for bond holders as interest rates rose, but they have headed down again, giving a boost of capital appreciation. The stock market is a bit frothy right now, and we anticipate some volatility in the months ahead. We view these opportunities as great developments.


*The Russell 1000 Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. Russell 2000 Index is an index measuring the performance approximately 2,000 small-cap companies in the Russell 3000 Index. One cannot invest directly in an index.

Opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendation for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
Market Update March 2019 
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Market Update December 2018 
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Market Update September 2018 
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Market Update June 2018 
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Market Update March 2018 
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James Economic Outlook 2018  
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Market Update December 2017 
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Market Update September 2017 
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Market Update June 2017 
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Market Update March 2017 
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Market Update December 2016 
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Market Update September 2016 
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Market Update June 2016 
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Market Update March 2016 
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Market Update September 2015 
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Market Update June 2015 
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Opportunity In Greek Crisis 
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Market Update March 2015 
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Market Update December 2014 
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Market Update September 2014 
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Market Update June 2014 
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Market Update March 2014 
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Market Update September 2013 
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Topping Markets June 2013 
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Market Update June 2013 
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Market Update March 2013 
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Market Update December 2012 
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James Economic Outlook 2013 
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Market Update September 2012 
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Why Own Bonds? March 2012 
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Market Update March 2012 
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Market Update December 2011 
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Market Volatility August 2011 
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How to Offset Inflation May 2011 
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Market Update September 2011 
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No American Default July 2011 
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Economic Slowdown June 2011 
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Topping Markets January 2010 
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New Stimulus Won't Cure Economic Woes July 2009 
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Rally at Hand December 2008 
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Weathering the Storm
October 2008
 
Watch The Interview!
Buy Stocks Mar 2008
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No Quick Fix Jan 2008 
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Further Declines Ahead July 2007 
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James Economic Outlook 2012 
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James Economic Outlook 2011
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James Economic Outlook 2009
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James Economic Outlook 2008
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James Economic Outlook 2007 
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James Economic Outlook 2006 
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James Economic Outlook 2005 
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James Economic Outlook 2004 
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James Economic Outlook 2003 
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