July 2021 Dear clients and fellow shareholders: When the overall stock market increases 15% in a 6-month period (a 30%+ annualized return), it means 1 of 3 things is happening. Investors are accelerating future gains into the current period, they are correcting for prior periods when stock returns trailed increases in corporate earnings, or a combination of the two. This year’s exceptional returns-to-date fall into the third category. That is, investors are broadly building almost perfect expectations into the pricing of the large S&P 500 stocks, while correcting some previous price/value disequilibrium in some specific sectors. We won’t complain too … Read More
A crisis brings out the good in people. In some people, that is. In others, it brings out their worst. I’d like to warn you about the latter. As people look for as much information about the health, social and economic effects of this pandemic, criminals are seeking to take advantage, turning common information searches into information theft. Likewise, criminals are attempting to use the good intentions of good people as a way to steal money. We recently had a client who was the target of a very sophisticated attempt at wire fraud – an attempt that included the perpetrator … Read More
In the past 10 years, newsroom employment across all outlets declined 23%, with the largest drop, 45%, in traditional daily newspapers. Since 2008, the number of newspaper employees working in newsrooms has fallen from 71,000 to 39,000. Pew Research has the details: Pew: Newsroom employment drops nearly a quarter in ten years.