The Bull Run’s Magical Matador

January 7, 2019 |Daniel A. White There’s a clear matador in the latter part of the recent bull market – corporate stock buybacks. Firms buying up their own stocks, sometimes funded by large loans, is a big reason the bull market has lasted so long and could last...

Hard to Tell Boom from Doom

December 31, 2018 |Daniel A. White Last October we saw serious stock market volatility. And for better or worse, the trend has continued through the end of the year. In fact, more than half of the world’s major stock markets are down (or were down and are now barely...

Corporate Deadweight Leads Race to Bottom

December 17, 2018 |Daniel A. White In his 1987 letter to shareholders, Berkshire Hathaway Chairman Warren Buffet quoted Benjamin Disraeli, who lamented, “What we learn from history is that we do not learn from history.” While that will always be true to some...

Big Economic Growth May Last…Really

December 10, 2018 |Daniel A. White While it’s not hard to find people saying an economic dip is around the corner – even I write about it sometimes – the recent past has been tremendous and may set us up well for the future. Forecasters don’t...

Is the Bear Market Hibernation Over?

December 3, 2018 |Daniel A. White The popular television series “Game of Thrones” has a famous saying – “winter is coming.” In the show, the phrase is a warning that tough times lie ahead, and cautious preparation would be a wise course of action. Well, when talking...

Take 10-Year Average Returns with a Pile of Salt

November 26, 2018 |Daniel A. White When people look at investments, we can’t help but factor in past performance. In the disclaimers we’re expressly told not to do that. But it happens nonetheless. But these performance numbers are simply snapshots in time. And for...