Month

January 2015
Hello Everybody, January has been a month of extreme volatility in everything including stocks, bonds, commodities and currencies.  Historic moves have occurred causing massive distortions throughout financial markets.  For instance; to deposit money at the German or Swiss central banks’, the depositor has to pay the bank.  Earnings season started with financials selling off and...
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I’ve wrote many times about certain areas of the market being expensive, such as utilities and consumer staples.  The biggest reason for the disconnect between price and value in my estimation is that the Federal Reserve’s zero-interest rate policy has forced investors and savers into high-yield stocks to generate income.  Because many utilities and consumer...
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Hello Everybody, Today the ECB announced its largest quantitative easing program where it will buy about $1.157 trillion in bonds by the Fall of 2016.  The plan is to combat deflationary pressures, bolster asset prices and stimulate the economy.  The ECB had to make this move but the reality is that structural reforms must be...
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“The big money is not in the buying and selling…but in the waiting.” -Charlie Munger   Hello Everybody, Some of the large banks have reported earnings for the 4th quarter of 2014 and the results were underwhelming.  Much of this had already been forecasted as the decline in interest rates and incredible volatility pressured fixed...
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Hello Everybody, 2015 has started with tremendous volatility.  The major issues are the continued rise in the U.S. dollar, declining commodity prices and turmoil in Greece.  We are now in year 6 of a bull market so it is to be expected that it would get more difficult to make money and volatility is to...
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There is no doubt that oil’s rapid decline and the U.S. dollar’s ascension have been the two most important macroeconomic themes over the last 6 months.  It is very fashionable right now for market pundits to pronounce that oil is heading to $30 or even $20 a barrel, due to excess supply and weak demand. ...
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Read Part II – A Review of 2014 and 2015 Preview from Chief Investment Officer Tim Travis.   Part II – A Review of 2014 and 2015 Preview
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2014 is over and we now enter year 6 of a truly historic bull market, which has stemmed from the worst recession since the Great Depression.  Record low interest rates have bolstered financial assets to extremely high valuations, while slowing Chinese growth and a dismal European economy has sent commodities prices spiraling downwards, pointing to...
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Read Part I – A Review of 2014 and 2015 Preview from Chief Investment Officer Tim Travis.   Part I – A Review of 2014 and 2015 Preview
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