Monthly Client Commentaries - 2023

Clients received monthly letters with detail about their accounts and their performance.  Here we offer you the general letter.

October 2023: Red October

October marked the third consecutive month of declines for the S&P 500, an unusual string of losses. Often, this run of negative months sets up for a better-than-average rebound. Further, looking at historical seasonal data shows that November has provided positive returns nearly 70% of the time (since 1950). Find the chart and more info in this month's commentary.

September 2023: After another tough month for stocks and bonds, will October bring a Trick or a Treat?

October is here, bringing with it a sense of excitement and a dash of mystery, much like the anticipation of trick-or-treating. The recent rough patch in the market capped off a challenging quarter, but there's reason for optimism as we head into the final months of the year.

August 2023: Summer is Over. What Does That Mean for Investments?

August gave back a little of the recent investment gains, a pattern that is not unusual or cause for concern. Going forward, summer is over, temperatures will cool, days will get a little shorter, and seasonally, September can be a weak month for investors. In this month's letter, we provide several we are confident of positive returns for the rest of the year.

June 2023: Mid-Year Observations

This year is a classic example of how movement in the prices of stocks and bonds does not closely relate to the headlines describing the economy, politics, Federal Reserve posture, and more.  Buffered ETFs compliment pure Beta exposure; European stocks look good; individual Treasury bonds yielding better than 5% define fixed-income exposure.

May 2023: No June Swoon

Into June, U.S. stocks broke to the upside buoyed by the debt ceiling resolution and related spending agreement (for now).  A lot of the worst is behind us, from rising inflation, weakening profits, and uncertain outcomes in Washington D.C.

April 2023: Buy in May and Enjoy the State

In recent years, "Buy in May and Enjoy the Stay" has been a better strategy than the old cliche, "Sell in May and Go Away. The S&P 500 has closed higher for the month of May in 9 of the past 10 years.

March 2023: March Madness for Markets

The ups, downs, winners, and losers of the NCAA College Basketball tournament remind us of the current investment markets, where volatility defined the month (and first quarter) and last year's laggards became this year's winners.

February 2023: Two Steps Forward, One Step Back

Two steps forward and one step back is a great Paula Abdul song and also applies to investment strategy. Setbacks do not indicate something is wrong, so long as progress is made overall. This could be the theme for 2023. It is so far.

January 2023: Everything Everywhere All at Once

"Everything Everywhere All at Once was nominated for ten Academy Awards, and in nearly every Oscar category. In investment markets, we are witnessing the "Everywhere All at Once" rally, as global stocks, global bonds, some commodities and more are registering gains.

Monthly Client Commentaries - 2022

Clients received monthly letters with detail about their accounts and their performance.  Here we offer you the general letter.

2022 Year End - Some Perspective 

November 2022 - The Other Ballot Box

October 2022 - Interest Rates, Inflation, Elections

September 2022 Feast or Famine

August 2022 - Tough Starts Do Not Always Mean Bad Finishes

July 2022 - How to Invest in a Bear Market

June 2022 - First 100 Days of 2022 and Business Insider Profile

May 2022 With Declines Come Opportunities

April 2022 - 3 Things You May Not Know

March 2022 The Big Mac Index

February 2022 - Who Let the Bears Out

January 2022 - Its Not Different This Time

Zuma Wealth 2022 Outlook and 2021 Review

Is the Bond Market Dead

Monthly Client Commentaries - 2021

Clients received monthly letters with detail about their accounts and their performance.  Here we offer you the general letter.

November 2021 - Thankful and Watchful (pdf)

October 2021 - Party Like It's 1984 (pdf)

September 2021 - Long range risks of comfortable inaction (pdf)

August 2021 letter - Poking the Bear (pdf)

July 2021 letter - Welcome Back Carter (pdf)

June 2021 Keep Calm and Carry On (pdf)

May 2021 Inflation - Team Trouble or Team Transient (pdf)

April 2021 Sugar High Markets (pdf)

March 2021 Bunny Hop Markets (pdf)

Is the Bond Market Dead (pdf)

Mid-Year Snapshot

90 seconds reviewing the first half of 2021