How Investing Transformed Over the Century

April 2017  By: MALCOLM BUTLER, JD

I recently read a book on the sinking of the Lusitania in 1915. The author thoroughly details the lives of some of the affluent passengers who were aboard the luxury liner’s final voyage. As I was learning about these “high net worth” people who lived one hundred years ago, I kept wondering about how they…

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Where We Are in the Cycle

April 2017  By: JOEL GOODMAN, CFA, SCOTT McGHIE, CFA, CPA, ALEX MORRIS, CFA, MBA

In the fourth-quarter newsletter, we discussed how we think about long-term equity return expectations. The purpose of the article was to explain how fundamental returns (driven by earnings growth) and speculative returns (driven by changes in valuation) collectively impact market prices. While changes in valuation are the overwhelming driver of equity returns in the short…

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Countering Volatility with Counterintuitive Action

April 2017  By: JULIA BUTLER, CFP®, JD, MBA

My mom asked me once how I swallowed pills. “Show me,” she said. I went through the motions of pretending to put a pill in my mouth, mimed the act of taking a sip of water, then leaned my head back and swallowed. “That’s exactly the opposite of what you should do,” she said. “Instead…

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