If you have ever camped in a national park, you know the rules for dealing with bears. Hide your food, keep your distance, and above all, do not mess with them. The mid-summer stock market rally cheerleaders learned this lesson the hard way in August. Amidst hopes that the Federal Reserve was nearing the end…
Author: Martin Kollmorgen
Are You Investing with Ambition or Intelligence? - July 2022 Newsletter
The July stock market rally has extended into August, leaving investing bears feeling cold and alone. It seems appropriate, then, to quote the Bear himself, the famous survival expert and British SAS veteran. Are bears investing with ambition and pride, or with intelligence and experience? And what about the bulls…is the bullish narrative built on…
Decide on Change Instead of Disaster: May 2022 Newsletter
Some things on Wall Street change rapidly. Others never do. While the loud, raucous trading floors of old are gone, there is still a vocal minority you can always find. The “it’s different this time” crowd never truly changes. There are always those willing to sell you a story that has no basis in long-term…
Survive Then Thrive: Navigating a Post-Fed REIT Market
The teacup has been pushed off the table. The Federal Reserve has increased interest rates by 50 basis points, ended their purchases of treasury securities, and reiterated their commitment to “significantly reduce” their balance sheet. Since the rate hike on May 4th, the Nasdaq has returned -11.8%, the S&P 500 has returned -8.7%, and REITs…
Patience and Fragility: March 2022 Newsletter
With tanks rolling across Europe in late February and the Federal Reserve set to raise interest rates for the first time since 2018, many investors assumed a reckoning was on the way for US equities. Instead, on February 24th, the S&P 500 opened down almost -2%, closed up almost +2%, and went on to rally…