Category: All Cap Value Commentaries

All Cap Value – Q2 2022 Commentary

August 2nd, 2022
The first half of 2022 experienced some of the worst inflation in decades, resulting in a sharp increase in interest rates along with a sharp decline in stock and bond valuations. The acceleration in inflation stemmed from both demand-pull inflation and cost-push inflation. The demand-pull inflation came from excessive fiscal and monetary stimulus which helped…

All Cap Value – Q4 2021 Commentary

January 26th, 2022
During the second half of 2021, equity markets continued to move higher at a steady pace allowing the S&P 500® to finish the year up 26.9%.  Equity market appreciation for 2021 fought through numerous headwinds including supply chain disruptions, increasing inflation and disruption from the new COVID-19 pandemic variants of Delta and Omicron. Support for…

All Cap Value – Q2 2021 Commentary

July 30th, 2021
Equity markets have come a long way back since the dramatic 34% drop in the S&P500® from mid-February 2020 thru late-March 2020. The sharp 34% decline stemmed from worries around the COVID-19 global pandemic and its negative impacts on the global economy. The S&P500® bottomed on 3/23/2020 at 2,237.40 and has since appreciated more than 92%…

All Cap Value – Q4 2020 Commentary

January 26th, 2021
After a very volatile and bearish first half of the year, stocks recovered sharply during the second half of the year and pushed indices to record levels by the end of 2020. The first half of 2020 was characterized by the onset of COVID-19 which subsequently resulted in economic shut downs and significant hits to…

All Cap Value – Q2 2020 Commentary

July 29th, 2020
The first half of 2020 was one of the most volatile periods in economic and stock market history. During January and February the unemployment rate was hovering close to 50 year lows at 3.5% levels with tame inflation and GDP growth of around 2% before the Covid19 impact. The negative impact from Covid19 started in…

All Cap Value – Q4 2019 Commentary

February 6th, 2020
For 2019 equity markets around the world experienced very strong gains as the power of low interest rates more than offset macro risks around protectionist trade wars, slowing global economies, political unrest in the Middle East and Hong Kong and the potential exit of the United Kingdom from the European Union…just to name a few.…

All Cap Value – Q2 2019 Commentary

July 27th, 2019
US equity markets experienced a strong reversal in performance in the first half of 2019 compared to a dismal performance during the second half of 2018. For the first six months of the year, the S&P 500® increased 18.5% marking the best first half performance since 1997. Equity markets had to contend with several strong…

All Cap Value – Q4 2018 Commentary

February 1st, 2019
The second half of 2018 saw sharp declines in equity valuations on concerns regarding trade disputes (especially with China), higher interest rates tied to increased inflation expectations and slowing global growth. On the positive side, inflation seems to have cooled significantly since August with the US Consumer Price Index (CPI) and the Personal Consumption Expenditures…

All Cap Value – Q2 2018 Commentary

September 5th, 2018
For the first half of 2018, global equity markets have experienced increased volatility and uneven performance after a strong and very smooth increase for 2017. The increased volatility for 2018 has stemmed from fears of higher interest rates tied to increased inflation expectations, trade wars initiated by President Trump and concerns about the sustainability of…

All Cap Value – Q4 2017 Commentary

September 5th, 2018
Equity markets around the world continued to post solid gains for the fourth quarter 2017 which complemented a very strong year. Collectively, stock price appreciation globally added $9.6 trillion of value during 2017 or a 22% increase for the S&P Global Broad Market Index which includes total stock performance tracked for 48 countries.  The strength…