market commentary | Insights Blog

Chart of the Month | Markets are Running Ahead of Economic Reality

When investors open their second quarter investment reports, many will be shocked by the magnitude of stock market gains in the second quarter. Their surprise could be voiced by a rhetorical question...
market commentary | Insights Blog

Chart of the Month | Measuring Social Distancing with Mobility Trends

We continue to monitor the level of social distancing as an indicator for business activity and improvement in consumer sentiment. Personal spending experienced the largest month-over-month drop on...
market commentary | Insights Blog

When Will this Crisis End? 3 Keys to Recovery

When will this crisis end?  Following are three key issues fiduciaries should keep in mind concerning COVID-19 and this pandemic recession and recovery. The path and trajectory of COVID-19 This is...
market commentary | Insights Blog

Chart of the Month | The Fed Rides to the Rescue

The Federal Reserve is determined to support the economy and the normal functioning of capital markets during the COVID-19 pandemic. As of April 29th, the total asset size of the Fed’s balance sheet...
market commentary | Insights Blog

Chart of the Month | The Dangers of Timing a Bear Market

It has been well documented that trying to avoid market downturns by selling out of stocks and moving to cash can be damaging to long-term portfolio values. And while there are strong behavioral...
market commentary | Insights Blog

Coronavirus: Five Key Questions for Nonprofit Institutions

There is no question that we are in unprecedented times and will likely remain so for longer than we anticipated even a few weeks ago. The speed at which a new reality has been imposed on all of us...
market commentary | Insights Blog

Chart of the Month | A Price War Erupts in the Oil Market

Oil prices declined over 21 percent on March 9, 2020, the largest single-day decline since January 1991 during the Gulf War[1]. There was optimism prior to the OPEC (Organization of Petroleum...
market commentary | Insights Blog

Market Commentary: Impact of the Coronavirus on Markets and Portfolios

After a strong calendar year 2019, the S&P 500 reached its most recent all-time high on February 19, up nearly 5 percent since the year began. Now, a week later, the global equity markets have fallen...
market commentary | Insights Blog

Chart of the Month | Central Banks Increasingly Accommodative

World markets appeared to be returning to their upward trend in the beginning of February after a volatile start of the year. While concerns about global growth caused by the coronavirus outbreak are...
market commentary | Insights Blog

2020 Investor Survey: Private Markets Sentiment

For the third year in a row, Commonfund Capital conducted a year-end annual survey of institutional investors to gauge their sentiment about private market investments. Survey responses totaled 267...
market commentary | Insights Blog

Chart of the Month | Election Year Market Trends

As we enter the 12th year of economic expansion since the Great Financial Crisis, investors continue to wonder whether 2020 will be the year when equity markets finally experience a correction....
market commentary | Insights Blog

Impact Investing - A Market Matures

Investment strategy influenced by altruistic intentions – broadly, impact investing – has long held sway in a small number of portfolios. Historically, impact investing has failed to gain significant...
market commentary | Insights Blog

Chart of the Month | Jobs Across the Country

The November non-farm payrolls report far exceeded investor expectation and bolstered the perception that the domestic economy continues to grow more than a decade into this recovery. Payrolls were...
market commentary | Insights Blog

Chart of the Month | Fed Funds Rate Reduction Drives Markets to New Highs

U.S. equities reached an all-time high at the end of October as downside fears abated and risk-on sentiment improved. Among the positives, successful completion of “phase one” of the U.S. – China...
market commentary | Insights Blog

The Economy and Markets March On

Summary Positive signs on trade drove recent new highs in the U.S. equity markets The Fed continues to be accommodative and employment is strong Growth is slowing but is supported by the consumer,...
market commentary | Insights Blog

Chart of the Month | Strange Happenings in the Repo Market

An obscure but very large part of the financial markets caused a stir in late September. Lending rates spiked in the repurchase (repo) markets as institutions sought short-term liquidity. The rate...
market commentary | Insights Blog

Chart of the Month | Yield Curve Inversion - Signal or False Positive?

Lately, there has been quite a bit of hand-wringing by the financial media about the yield curve inversion. It seems that many prognosticators believe that an inversion is a clear market signal that...
market commentary | Insights Blog

Recession – Maybe This Time is Different

The July Federal Open Markets Committee (FOMC) meeting signaled the end of central bank rate normalization with the first rate cut in more than a decade. The last time the FOMC cut rates was in...
market commentary | Insights Blog

Chart of the Month | Economic Expansions Getting Longer

Following the July FOMC meeting and with investors digesting the first rate cut since 2008 it is important to recognize that the domestic economy is now experiencing the longest period of economic...
market commentary | Insights Blog

Chart of the Month | Defensive Stocks at a Premium

The valuation premium (forward price/earnings) of defensive stocks versus cyclicals has climbed steadily over the last seven months. Limited risk appetite, slowing growth, low interest rates and...
market commentary | Insights Blog

Chart of the Month | Conflicting Signals in Stock and Bond Markets

The Bond markets’ expectations of U.S. Federal Reserve (Fed) rate cuts changed drastically last Friday on the news of President Trump’s intention to impose tariffs on Mexico, in an attempt to...
market commentary | Insights Blog

Chart of the Month | U.S. Jobs Machine Keeps Cranking

This month we turn our attention to the economy and, specifically, employment. As investors contemplate when this historically long period of economic growth might end, employment trends are one of...
market commentary | Insights Blog

Chart of the Month | One Reason Investors Are Feeling Uneasy

Investors of all types, including those that represent institutions, are clearly feeling more uneasy than they have in years. It isn’t just the spike in stock market volatility that buffeted...