By: Mason Wev, CFA®, CMT

Opportunity Update Commentary
2Q 2020— COVID-19 Feeds Dislocations Between Winners and Losers
July 22, 2020

Investors’ burgeoning hope and subsequent buying frenzies led to a massive 20% rebound in the S&P 500 and other risk assets…

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Multi-Strategy Commentary
2Q 2020 — Earnings Trough and Central Bank Support Points Towards More Potential Gains
July 14, 2020

After the first quarter’s pandemic-related crash, a market rebound during the second quarter was to be expected. Though that rally came…

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Opportunity Update Commentary
1Q 2020— Quick, Dramatic Pain, but Long-Term Opportunity
April 23, 2020

When we look at the title of our fourth quarter commentary, “2020 Should Be Highlighted By Stable Fed Policy & Election-Driven…

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Multi-Strategy Commentary
1Q 2020— Coronavirus Pain: “Essential” Versus “Non-Essential”
April 23, 2020

Who could have predicted that the first quarter of 2020 would go down in the record books as the worst first…

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Opportunity Update Commentary
4Q 2019— 2020 Should Be Highlighted by Stable Fed Policy & Election-Driven Opportunities
January 15, 2020

While 2018 featured rising interest rates and losses among virtually all major asset classes, 2019 was the polar opposite. Both stocks…

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Multi-Strategy Commentary
4Q 2019 — Failed Recession Fears Highlight 2019’s Climb of the Wall of Worry
January 15, 2020

2019 represented a tremendous turnaround year. As of January 4th, market psychology turned quickly and the Fed turned strongly dovish, which…

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Opportunity Update Commentary
3Q 2019— What Recession Worries? Stocks Enjoy Their Best First Three Quarters Since 1997
October 23, 2019

2019 has been a year of turbulent headlines for the markets, with the U.S./China trade war switching between hot and cold….

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Multi-Strategy Commentary
3Q 2019 — Exaggerated Emotions: Investing in a Late Market Cycle
October 14, 2019

Reading or watching the media in constant conflict regarding both the markets and politics must have an effect on a person’s…

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Multi-Strategy Commentary
2Q 2019 — Range of Outcomes as Wide as Ever — but Be Sure to Include a Continuing Bull Market
July 16, 2019

What a turnaround it has been for markets over the last six months. December saw a fierce decline driven by fears…

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Multi-Strategy Commentary
1Q 2019— Growing Late Cycle Concerns: V-Shaped Decline and Recovery
April 16, 2019

After a brief but stunning fourth quarter 2018 decline, markets staged a fierce comeback in the first quarter. It all started…

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Opportunity Update Commentary
1Q 2019— Snapback Rally on Powell Pivot and Inverted Yield Curve Bookend Volatile Quarter
April 16, 2019

After a brief but stunning fourth quarter 2018 decline, markets staged a fierce comeback in the first quarter. It all started…

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Opportunity Update Commentary
4Q 2018 — Fourth Quarter Lows Likely to be Retested, but Long-Term Valuation Picture Improved
January 28, 2019

The fourth quarter of 2018 began on a positive note, but few knew what turbulence was to come. Markets reached new…

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Multi-Strategy Commentary
4Q 2018 — Playing Defense
January 22, 2019

Investors and asset managers alike are happy to turn the page from 2018 to 2019. Last year was a tough year…

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Opportunity Update Commentary
3Q 2018 — Is the Economic Growth Cycle Too Slow and Steady to Become Imbalanced?
October 19, 2018

The third quarter was a positive one for U.S. equity investors, as a surging U.S. economy and labor market, in which…

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Multi-Strategy Commentary
3Q 2018 — Stocks Lead Gains, High Yield Bonds Remain Strong
October 16, 2018

The third quarter was positive for U.S. equity investors, as a surging U.S. economy and labor market, in which consumer confidence…

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Opportunity Update Commentary
2Q 2018 — Cyclical Bull Market Trends ­Continue, Despite Worries It Is Long in the Tooth
July 20, 2018

The second quarter of 2018 was much more quiet than the first, at least in U.S. markets. We began the quarter…

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Multi-Strategy Commentary
2Q 2018 — Global Growing Pains
July 20, 2018

The consensus thinking in early 2018 was that we had achieved “synchronized global growth,” but only the U.S. has delivered so…

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Multi-Strategy Commentary
1Q 2018 — Single Digit Returns, Double Digit Volatility
April 30, 2018

The first quarter of 2018 finally delivered a long-awaited correction in equities. As usual, the trigger was unanticipated. To our eyes,…

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Opportunity Update Commentary
1Q 2018 — The First Quarter Was Back to Normal
April 18, 2018

The first quarter of 2018 proved a stark contrast to 2017’s steady and smooth ride up. To begin the year, markets…

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Opportunity Update Commentary
4Q 2017 — Bears’ Fears Are Only Imagined
January 25, 2018

The Roman philosopher Seneca said that “We are often more frightened than hurt; and we suffer more from imagination than reality.”…

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