Just hours into the new year, I received an email from a concerned investor. His worry: the state of the market—the S&P 500, in particular. With hundreds of constituent companies, the S&P index has the veneer of being well diversified. But scratch the surface, and it seems to carry more risk [...]
The pinball machine
Last week I referred to the stock market as a hall of mirrors. That was perhaps too kind. With its erratic and often illogical movements, the market also has elements of a pinball machine, a rollercoaster, and maybe a clown car. This has always been the case, but it feels especially true this year. [...]
Hall of mirrors
On Wednesday of this week, the Federal Reserve’s policymaking committee concluded its quarterly meeting and made two big announcements. First, the Fed is going to scale back its monthly purchases of Treasury securities. Because these multi-billion-dollar purchases have helped keep interest rates [...]
1986 vs. 2021
A recent episode in the stock market offers useful lessons for investors. Let’s start by reviewing the facts: Last Friday, the S&P 500 suffered its worst day in months. And the Dow had its worst day in more than a year. The proximate cause: news about Omicron, a new coronavirus variant. [...]
Now what?
I have a relative—let’s call her Jane. Last year, in the early days of the pandemic, Jane had the foresight to buy shares in vaccine maker Moderna. With the benefit of hindsight, it was a smart decision. But in Jane’s view, it was not a difficult decision. It was no secret that the company was [...]
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