The Infrastructure Opportunity

This summer a 90-year old pipe burst in Los Angeles, flooding the UCLA campus with 20 million gallons of water.  The estimated $8.1 billion repair cost equals the entire annual municipal budget.  The average age of water pipes east of the Mississippi is more than 70-years old while the U.S. public investment in infrastructure is.. read more →

The Long Road Back

Last week the U.S. economy finally recovered all the jobs lost in the worst recession since the Depression.  Last month 138.5 million Americans were working, exceeding the 138.4 million working during December 2007, the first month of the recession. It has been a long-road back, taking over two years longer for jobs to recover than.. read more →

Worst Winter Ever!

WORST WINTER EVER!!! Ok, maybe it wasn”t the worst winter ever, but it was the coldest winter weather in the last twenty years according to the National Aeronautic and Oceanographic Administration (NOAA). Snowfall was also 21% above normal across the nation. So it is not surprising that the economy has appeared a little weaker in.. read more →

Lots of Thanks

This is the Thanksgiving time of year when we join together as a nation to pause and give thanks for all our blessings.  Investors have a lot to be thankful for this year.  Despite a slow and uneven economic recovery, and perpetual government gridlock, the economy and the stock markets have continued to grind higher.. read more →

The Fiscal Cliff Deal – (or Half Deal)

Non-stop fiscal cliff negotiations (and media coverage) at year-end finally resulted in a last minute fiscal package by Congress that adds some certainty for investors on tax rates in the coming year.  Spending issues were not addressed, but instead postponed 60 days. We can look forward to another round of Congressional wrangling on spending cuts,.. read more →

Fiscal Cliff, Slope, or Obstacle Course?

The financial media is filled with year-end dire warnings of catastrophic consequences of the U.S. economy falling over the “fiscal cliff”. Could this really happen? It could, but probably not. We and most market watchers are hopeful for a last minute compromise with more details to come in 2013. Is the fiscal cliff real? Yes-.. read more →

Weaker Earnings

During the last few weeks S&P 500 companies have been reporting 3rd quarter earnings.  It is now apparent that these earnings will be less than what was originally forecasted just a few weeks ago. Weaker earnings have also shown up in technology sector stocks, which have recently led the stock market and represent some of.. read more →

We Are All Linked

I recently viewed a news report on the economic troubles in Europe. This report focused on Spain’s economy, how it’s housing market remained in steep decline, unemployment was 24%, close to 50% unemployment among youth, and how despite having above average college graduation rates, many graduates were leaving Spain for countries with better employment prospects… read more →

Three Year “Market Bottom” Anniversary Thought

“Go to where the puck is going to be, not to where the puck is.” Amid widespread market selling, March 9, 2009 marked the bottom of the market and the start of a 3 year bull market ride. Three years later the S&P 500 is within 10% of its all time high, but many investors.. read more →

FEAR + FUNDAMENTALS = OPPORTUNITY?

The European debt crisis, Washington political gridlock, and slow “new normal” economic growth; as investors we all lived through these market events and realities in 2011. Unfortunately, none of these conditions are likely go to away any time soon. Throw in unrest in the Middle East and a potential nuclear showdown with Iran and you.. read more →