March 2020

What Happened Last Week?

Monday The S&P 500 gained 4.6% on its strongest day since December 2018, and the 27th strongest day since 1950. It seemed fair to say that this was little more than a normal snap back that we see after extremely oversold conditions. Statistics don’t make for good headlines because people understand stories better than probabilities….

Don’t Catch a Falling Knife

What do you call a group of stocks that fell 10%, then another 20%, then another 30%, then another 40%, and then got cut in half? Oil services. This group of stocks, think Halliburton, Schlumberger et al., are collectively down 86% from their peak in 2014. If you know absolutely nothing about investing, you know…

Volatility Will Continue

The S&P 500 is currently up almost 3%. If it were to to close here, it would be the fourth plus or minus 3% move in the last seven days. Maybe the only absolutely-iron-clad-physics-like-law in all of finance is that the best days and the worst days cluster in periods of above average volatility. Exhibit…

These Are the Goods

Your proper benchmark, global market returns, dollar cost averaging, pain in value, and more good reads from the worst week for markets since 2008.