Latest Posts

The Technology Stocks that Bind Us

by Zach Marsh on Sep 18, 2020

It was a mixed week for markets this week. The large cap S&P 500 was down slightly, while the small cap Russell 2000 index enjoyed a nice bounce. This marks a fairly dramatic turn of events as large cap tech companies have by and large been carrying the market over the last 6 months, while small caps have lagged. Below is a graph showing the performance of the Nasdaq 100 Index measured against the Russell 2000.

Aggregation, Consolidation and Allocation

by Zach Marsh on Sep 11, 2020

After a sharp sell-off Tuesday, following the three day Labor Day weekend, the stock market fell into a consolidation period the remainder of the week. The consolidation period witnessed fairly dramatic intraday swings, with little overall progress made one way for the other from Wednesday through the end of the week. For now the market still seems to be at the mercy of a few heavily followed momentum stocks.

Does Something Wicked This Way Comes?

by Zach Marsh on Sep 4, 2020

A dramatic shift in the market occurred this week. The tremors started Wednesday, when Tech stalwarts Tesla and Apple saw their stocks decline while the market indices continued to march higher. The subtle tremor may have gone unnoticed by the many, who could have simply perceived the drop as a rally pause after both stocks witnessed meteoric rises on the backs of what was nothing more than a stock split announcement.

You Ain't Seen Nothing Yet

by Zach Marsh on Aug 28, 2020

This week’s financial news of note was that the Federal Reserve announced a dramatic shift in its economic policy making. Rather than targeting a specific inflation rate (2%), the Fed is now adopting a policy called AIT (Average Inflationary Target).

Glory Days

by Zach Marsh on Jul 31, 2020

I graduated from university in 1995—22 years old, armed with a Bachelor of Arts Degree in English—uncertain what career path to explore, but certain that the future was expansive and full of opportunity. I had taken an opportunity to move to Chicago and begin a career working on the floor of the Chicago Board of Trade. It was anything but a guaranteed path to success, but I had a tremendous opportunity to make of it what I could.

Summer Dreaming

by Zach Marsh on Jul 24, 2020

Summer is made for the dreamer. Perhaps like no other season, summer has the cunning ability to entrance us—to distract our thoughts, momentarily, away from future worry. The other day I was playing golf. In front of me were two young boys. The day was warm. We were playing a course I played countless times, myself, as a boy. I am neither a strong golfer, nor do I play all the frequently anymore. Yet that course and I have shared many summer memories.

The Boy in the Bubble

by Zach Marsh on Jun 12, 2020

There was a bumper sticker in the mid-2000’s that read “If you’re not angry you’re not paying attention.” Well, today, I say to you “If you’re not confused, you’re not paying attention.” Whether it is coronavirus, markets, Fed policy, social and civil unrest, tweets, posts, fake news, skewed news, social media, bio-medicine, technology…whatever it is, how do we know what to make of any of it?

Market Update 6/5/2020

by Zach Marsh on Jun 5, 2020

Stock futures begin the weekly trading at 5pm Central time on Sunday evenings. This week, following the protests, looting and general unrest in the country the futures opened lower. Given the state of the economy coming out of the quarantining period, civil unrest seemed like yet another dagger in the back of the economy. However, that drop was extremely short-lived. By the end of trading on Monday the Dow climbed almost 100 points.

A Model for Better Decisions

by Zach Marsh on May 22, 2020

Thomas Hobbes described life as “solitary, poor, nasty, brutish, and short,” but in the spirit of a long holiday weekend I will try to keep today’s newsletter upbeat, light, and short. But Hobbes, like myself, was a bit of a curmudgeon, which is probably why I immediately attached myself to his words when I first encountered them in a university philosophy course. I tend to be pessimistic, assuming the worst from people and from events.