Investment Blog

Gold Leaf Capital Management

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Interest Rates – Not Greece – Moved Our Markets

While Greece may have captured headlines, the real 2Q action for us was in the bond market.  Anticipating a September interest rate hike, bonds sold off and a wide range of interest rate securities lost value.  These included equities with … Read more…

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…