• Market Recap

    Posted on April 12, 2019 by Gemmer Asset

    Printable Version The market closed on a solid note Friday. J.P. Morgan kicked off earnings season and handily beat estimates. Wells Fargo’s earnings were in-line but revenue growth was better than expected. Overnight, Chinese credit growth grew more than originally thought, leading some to think the worst of the slowdown is over in China. Finally, Chevron’s bid for Anadarko Petroleum brought back memories of the M&A days. For the week the developed global indexes gained…
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  • Market Recap

    Posted on March 29, 2019 by Gemmer Asset

    Printable Version The first quarter ended on a solid note with most equity markets bouncing back from last week’s selling. For the week the S&P picked up +1.2% to bring the first quarter return to +13.1%. The returns for global equities are +0.6% and +11.8% respectively. Not bad considering. As it turns out, this was the 9th best start to the year since 1928, as you can see below.     Bond yields dipped modestly…
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  • A Better Investment Experience (Part 2)

    Posted on March 28, 2019 by Gemmer Asset

    Printable VersionIn part 1 of “A Better Investment Experience”, we discussed the importance of embracing market pricing and avoiding chasing performance. In part 2 of this series, we’ll focus on managing the emotions of investing and the characteristics of a sound investment plan.   Managing the Emotions of Investing   Emotions play a major role in our investment (and life) related decision making. A downside of these emotions is that they often cause us to…
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  • Market Recap

    Posted on March 25, 2019 by Gemmer Asset

    Printable Version It was an eventful week for the markets given the Fed announcement on Wednesday and then a key move in interest rates Friday. The Fed really didn’t surprise. As expected they kept rates stable and signaled they probably won’t do much all of this year (more below). Probably more eventful was the push lower in longer-term interest rates around the world. Equities around the world were weaker with the S&P losing -0.8% over…
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  • A Better Investment Experience (Part 1)

    Posted on March 8, 2019 by Gemmer Asset

    Printable VersionIn this business we’re constantly telling clients to focus on the long-term.  We say things like:   “Don’t pay attention to the day-to-day volatility.”   “Focus on whether or not your investment plan meets your specific goals.”   “Invest energy into the things you can actually control.”   These are all good pieces of advice but sometimes we need a bit more substance to help us keep the faith.  In other words, what specific…
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  • Market Recap

    Posted on March 1, 2019 by Gemmer Asset

    Printable Version   2018 Closes on a Strong Note…   Last week we laid out all the signs of slower growth in the United States, but we made the point that despite this the odds of recession were still relatively low. Along the same lines, this week we found out that economic growth in the fourth quarter was actually pretty robust.   Real GDP rose by +2.6% in the fourth quarter, well above expectations of…
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  • Market Recap

    Posted on February 22, 2019 by Gemmer Asset

    Printable Version   Another decent week for the global equity markets with gains across the board. The S&P 500 picked up +0.6% while small-caps added +1.1%. EM was strong with a +2.3% gain. Equities have rallied despite slowing global growth, in part due to a more dovish central bank backdrop, and in part due to hopes about a trade deal. Certainly, the change in central bank attitudes has helped push bond yields lower. The yield…
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  • Lessons From A Bond King’s Fall From Grace

    Posted on by Gemmer Asset

    Printable VersionThis isn’t so much beating a guy while he is down, but more a cautionary tale for us all. There but for the grace type of thing.   Bill Gross was close to a god in this business for decades. He helped co-found PIMCO over 40 years ago and built it into a $2 trillion firm at the peak. He was the first Bond King. There was even a book about him when he…
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  • Waiting Out The Weather

    Posted on February 15, 2019 by Gemmer Asset

    Printable Version“In many ways, the stock market is like the weather in that if you don’t like the current conditions all you have to do is wait awhile.” -Lou Simpson   Lou Simpson is the former CEO of GEICO’s capital operations and at one point was thought to be the successor to Warren Buffett’s perch atop Berkshire Hathaway (they ultimately didn’t choose him because he was only six years Warren’s junior). In any event, Lou’s…
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  • Market Recap

    Posted on January 18, 2019 by Gemmer Asset

    Printable Version   Equities had another solid week with the S&P picking up +2.9% while the NASDAQ added +2.7%. All the global indexes are in the black for the year after the drubbing they took in December. Bond yields have drifted modestly higher, but the moves have been relatively small. Credit has bounced back with the equity market – high-yield is up +4.2% so far this year. Crude oil has rebounded while gold prices have…
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