Spring 2019 Investment Report

The stock market has always had a herd instinct, but it seems more pronounced now in the age of ETF investments, algorithmic trading funds, and “tactical” allocation funds that think they can time the market. We see this new paradigm reflected in the last two quarters.

In Q4 2018, investors ran for the door on fears of a slowing economy, despite record earnings across most industries. As we noted in our Winter 2019 Investment Report, we thought these fears were overdone. In Q1 2019 we have seen a quick snapback in markets as the herd moves back into the same positions they were selling just a quarter ago.

For a look back at the past quarter and more about our long-term outlook, please click below: