Quarterly Review
Q1 2023 Compass Review
A major crisis. Accommodative monetary policy to save the system. Lower long-term interest rates. Financial and energy stocks priced for a major recession. Large cap tech…
Q4 2022 Compass Review
The world got a whole lot poorer last year. There was almost nowhere to hide. The S&P finished down 20% and the Nasdaq lost 33%. Even…
Q3 2022 Compass Review
According to the University of Michigan Consumer Sentiment Index, consumers feel as bleak as they did during the great financial crisis 15 years ago. At the…
Q2 2022 Compass Review
Last quarter we said: “We were welcoming the correction as a necessary adjustment in speculative excess that in the long run would threaten market stability.” So,…
Q1 2022 Compass Review
The quarter started off predictably enough with December’s market weakness continuing to reflect fear of war, Fed tightening, deflation of the growth stock bubble and supply…
The New Reality
Q3 2021 Compass Review Last quarter we reached an inflection point, and the markets are trying their best to adjust. Part of that adjustment is simply…
Diagnosing the Economy: Q3 2021 Review
The economy and markets are often described in medical terms, as if we were diagnosing every economic cycle and had a prescription for every market illness. …
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