Investment Blog

Gold Leaf Capital Management

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SIDEWAYS

For the 1st Quarter, competing dynamics forced the S&P 500 to almost tie.  On one hand, corporate mergers (especially healthcare), nascent signs of European growth, and a hoped for slow-to-act Fed all buoyed the market.  Fear of a decline in … Read more…

Christmas Rally

“Yes, Virginia, there is a Santa Claus.”  He’s alternately known as “Helicopter Ben” or “Mario Draghi” or any one of the Asian central bankers who have flooded the markets with excess liquidity, lofty valuations, and, perhaps, unsustainable joy.  The S&P … Read more…

To Moderate and Counterbalance

The S&P 500 eked out a +1.1% gain for the 3Q; the nine month return is now +8.3%.  For the 3Q, healthcare was up +5.0%.  Energy retreated -9.1% on an oil glut fueled by a weakening China and even weaker … Read more…

It Depends On Your Definition of “Considerable”

Yesterday, the Fed restated its pledge to keep interest rates low for a “considerable” period of time.  Today, the market is indicating that the considerable period of time may be less than initially anticipated.  Interest rate sensitive securities (e.g., electric … Read more…

What’s Happened to Interest Rates?

What’s happened to interest rates?  Despite positive economic news that would normally nudge rates higher, today’s 10 Year Treasury is trading to yield 2.39%, down from 3.03% at year end.  Three reasons emerge:  A) Inflation is trending at or below … Read more…