Commentary

Each month, the BCWM Portfolio Management team publishes an Investment Commentary that examines the latest developments in financial markets and the economy. We filter out the noise and present the information most relevant to our investment strategies and management of our clients’ portfolios.

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Race to the Bottom

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I just returned from the annual Strategic Investment Conference in Carlsbad, California where some of our industry’s brightest minds exchanged thoughts, ideas, data and predictions. Economists, hedge fund managers, analysts and high-net worth investors gather here each year to try to figure out how to best navigate the economic and geo-political waters for the next…
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Brahms’ Lullaby Economy

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March Madness has come and gone, leaving in its wake a stock market that can’t seem to find investors willing to sell. The S&P 500 increased 3.75% in March and 10.6% for the first quarter of the year. Attempts to sell stocks and drive the stock market down have been miserable failures for the past…
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Ten Years After

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Globally, stock markets are on a tear and the U.S. stock markets are no exception. In the first two months of 2013, the S&P 500 is up over 6% and, as I’m writing this in March, it is hitting new highs. Last December I wrote, “We don’t feel stocks are horribly expensive and see some…
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AAA, Apple and Complacency

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The Department of Justice (DOJ) announced it is suing Standard & Poor's (S&P) over actions related to the sub-prime mortgage disaster. If you recall, investors all over the world lost billions of dollars by investing in mortgage-backed securities (MBS) to which S&P (and other ratings agencies) gave their top rating of AAA...right before those MBS's…
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Buy and Hold? Not Necessarily.

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On New Year’s Day, Congress and the White House reached resolution regarding the “fiscal cliff,” and the next day the Dow Jones Industrial Average climbed 308 points (2.35%). Those of us in the investment business love to make predictions to show how smart we are. Of course, we aren't always correct with our predictions, but when we…
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