John Gibson, CFA

Market Overview: Resilience Amid Volatility There is a debate among investors as to whether the current AI-driven bull market is a bubble or a boom and there have been some comparisons drawn between this bull market and the 2000 dotcom market. However, speculative excesses are nowhere near the levels seen in 2000 or 2020. If you refer to the chart below from Ned Davis Research showing the relatively low percentage of Nasdaq companies with rolling 12-month returns exceeding 500%, you will...

I hope all of you are well and made it through tax season in one piece. The wild news cycle in the first quarter (and the first few weeks of the 2nd quarter) has made this a tough market update to get out! Every time I was ready to hit “send” a significant update on the Iran War or Private Credit would cause me to hold back. The month is halfway over, so it is time to get this out whether I like it or not. Market Overview: A Modest and Expected Pullback The S&P 500 finished the first...

The past year was marked by robust S&P 500 earnings growth of around 12-14%. This growth helped propel markets higher for the 3 rd year in a row coming out of the 2022 bear market. However, it wasn't without headwinds. Since 2020, the economy and markets have weathered several ominous events: the COVID-19 pandemic, supply chain disruptions, surging inflation, aggressive Fed rate hikes, tariff uncertainties, geopolitical uncertainties, and global war. Is there anything new under the sun?...