February 2018 – Monthly Commentary

April 23, 2018  |   Monthly Commentary   |     |   0 Comment

February 2018 Six weeks ago, as we closed out January, the S&P 500 Index settled just below its all time high. Financial pundits at the time were saying that a healthy correction would be good for the market. The term healthy correction has always seemed an oxymoron. How can a decrease in the value of one’s investment portfolio be described as healthy? Yet, the term has been in the lexicon of Wall Street for as long as traders have ...

January 2018 – Monthly Commentary

February 23, 2018  |   Monthly Commentary   |     |   0 Comment

January 2018 The Federal Reserve, in managing the U.S. economy, is tasked with the dual mandate of ensuring full employment and stable inflation. The mandate is somewhat contradictory in that at full employment the tight labor force is likely to force wages higher which, in turn, risks pushing the overall level of inflation higher. That is, of course, if the numbers accurately reflect the actual rate of inflation, which we regularly argue is not ...

December 2017 – Monthly Commentary

January 22, 2018  |   Monthly Commentary   |     |   0 Comment

December 2017 While the team at Halyard evaluates the economic and market backdrop on a daily basis, we like to commit those thoughts to paper periodically, and especially so as we kick off the new year. Our starting premise this year is that the United States economy closed out 2017 with unmitigated strength. From a sector by sector perspective, we’re delighted to find the strength was broad based and not concentrated in any one ...

November 2017 – Monthly Commentary

January 22, 2018  |   Monthly Commentary   |     |   0 Comment

November 2017 In 2004, an acquaintance left his job as a banking clerk to become a real estate sales agent. Almost overnight his income doubled as the homes he represented sold briskly. The market was so hot that he was working seven days a week and his income soared well over $200,000. However, in 2006 sales began to slow and buyers were grumbling that home prices had grown out of reach. Builders ...

October 2017 – Monthly Commentary

January 22, 2018  |   Monthly Commentary   |     |   0 Comment

October 2017 Last month marked the 30th anniversary of Black Monday, October 19, 1987, prompting us to take a look back at how the Dow Jones Industrial Average has evolved since that infamous day. Of the 30 stocks in the index at the time, Bethlehem Steel, Eastman Kodak, GM, Union Carbide, U.S. Steel, and Woolworths have all gone through bankruptcy. Some reorganized and reemerged, but most didn’t. Sears, which also was part of ...