Bears, Bulls, Steepeners, Flatteners, Oh My!

Interest rates over the past decade have been a unique puzzle for investment professionals. First, the Federal Reserve held the Federal funds rate at 0% - 0.25% for seven years (from December of 2008 through December of 2015). Combined with the Quantitative Easing programs, what resulted was a historic and unprecedented artificial suppression of [...]

Notes on the Current Great Bull Market

A bull market is often accompanied by extreme investor confidence and optimism. It can be euphoric with a feeling that nothing can go wrong as the stock market continually reaches new highs. Historically, as a whole, U.S. businesses have increased earnings and technology has helped improve efficiency and productivity. People take notice, so they [...]