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3rd Quarter 2018 in Review

When we write these quarterly commentaries, we want to leave you with two lasting impressions. First, your money is being well looked after. We have always sought to invest according to the risk tolerance described in our investment philosophy and process. We try to do so in a prudent, time tested approach. Second, we want to provide an off Wall Street view of the economic and investment climate so that you have a helpful understanding of the current environment.  

Most stock market indices advanced last quarter while bond indices headed lower. Trade deals and stock buybacks have boosted the market. At the same time the Federal Reserve System has been raising rates and bond yields appear to be edging higher. A narrow band of stocks has been leading the market and we are in a tug of war. On one side is a mania like approach many are taking while insiders are selling shares at an accelerated pace. On the other side is a solid economy, great earnings and the momentum of a rising market. Momentum is currently carrying the day, but when it shifts we believe we can expect the market to take a radical turn toward more conservative tactics.

Market Outlook

Concerning the current environment, we are in a period where our approach is producing less return than we would like to see. Nevertheless, we are disciplined and have not changed our basic methodology. We look for undervalued companies with excellent and growing earnings whose price performance has picked up relative the market as a whole. Unfortunately, we are in a period of upside down results. In the last quarter, for instance, those stocks which were the most expensive, had poor earnings and had been underperforming actually outperformed those stocks with historically favorable characteristics. 

We are convinced this will eventually reverse to a more logical market. Until then, we will continue to manage portfolios using our time tested approach.  

Thanks again for investing with us.
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
 
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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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