US Market Volatility

The linked article is by Grant Bowers, a portfolio manager for Franklin Advisors and I have seen his comments echoed by other portfolio managers. Although it’s difficult to point to strong specifics, he suggests not to count this bull market out yet – although its 10 year run is long by historical standards, it has been shallow and slow compared to previous expansions. Inflation is not rampant and the risk of a geopolitical shock impacting demand such as the China trade talks may not be as high as the news may be implying.


The Death of Equities turns 40!

The infamous Business Week’s cover essay “The Death of Equities” celebrated its 40th anniversary on August 13th. A few points I feel are key to understand given this important milestone.

Equities do not die, and the world does not end. The S&P 500 closed on August 13, 1979 at 107.42; as I write this it has closed over 3,000. The dividend in 1979 was six dollars; it is currently running at an annual rate approaching $56. Inflation is up barely 3.5 times.

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