March 21, 2022
According to the latest report from the United Nations, of the 10 million Ukrainians that have fled their homes, 3.4 million are now refugees. (1) Among the growing human toll caused by war, investors are faced with inflation-fueled price hikes for everything – gas, energy bills, groceries, etc.. Uncertainty of possible retaliation from Russia, such as cyber-attacks and nuclear threats, along with supply-chain issues, and a new strain Covid-19 are weighing on investors minds.
So, what happened last week? Major US stock indices notched their best week since November 2020. (2) The S&P 500 ended Friday with a game of 6.2%; the DJIA rose 5.5%; and the tech-heavy NASDAQ Composite climbed 8.2%. (3)
WELCOME
Every year we accumulate data from various sources, measuring not only economic freedom but all the liberties we as Americans and others in representative democracies often take for granted. As Bob Dylan used to sing “times are a-changin” and we can measure both the qualitative as well as the quantitative effects in our daily lives. We believe freer countries grow more sustainably, as opposed to those that have debt-driven or state-mandated growth. We also believe free nations recover faster from recessions and depressions. We see a positive correlation between economic growth with freedom including secure rights such as property rights. Looking at the U.S. from over 200 years ago, our nation accounted for less than 1% of the world’s total GDP, while today our GDP is 23% of the world’s total, if not higher.
May 5, 2022
Deadlines
Bulls and Bears
March 2, 2022
With war between Russia and Ukraine, we have witnessed the S&P 500 fall for the second straight month ending February - what a start for the New Year! The benchmark S&P 500 and the NASDAQ Composite have lost 8.2% and 12% respectively since January 1st. Earlier in the month, the primary focus by investors was on inflation and the anticipation of rising interest rates. Treasury rates rose above 2%, then came the Russian invasion of Ukraine. Investors dumped stocks worldwide, along with the Russian ruble – and crude oil skyrocketed! As of Tuesday, Russian stocks, as measured by the VanEck Russian ETF are down 75.2% from their all-time high last Fall. Russian sovereign debt fell in price with yields of five-year maturities rising to 25% from 9%.
Quarterly Update
1stQ 2022 :: Rotations
The first quarter of 2022 was “head-spinning” according to the Wall Street Journal. Major stock indices suffered their worst performance in two years. Other secondary indices realized extreme moves in both directions. Investors and portfolio managers faced domestic and global challenges not experienced in decades. For the quarter, the DJIA dropped 4.6% although, for March this benchmark index gained 2.39%. The NASDAQ Composite lost 9.1% for the quarter but rallied 3.4% in March. In similar fashion, the S&P500 fell 4.9% for the quarter while having a positive 3.6% gain for March
WELCOME
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