Market Notes

Markets have rallied to start the year with tax-loss selling having run its course and a lot of value being found by stock screening programs. You see, if the market price has come down but the projected earnings have not yet been updated, a given stock will appear relatively cheaper than it used to. But this is fool’s gold if it turns out that the earnings are later revised lower on a forward basis.

Market Notes

Our portfolios are weathering the storm as well as could be expected due to having set aside cash across the board in September and adding to it throughout October and November. We have been getting increasingly cautious all year long – which has served our clients well.