We begin March by taking a moment to review what happened over the last month in the financial markets. February was an extremely turbulent month, one that we have not experienced the likes of since 2011.

Only three weeks ago, the equity markets were posting all-time highs every day and volatility was extremely low; in fact, on the day we last wrote you, January 11, 2018, the CBOE Volatility Index closed at 9.88.[1] This index measures equity market volatility by inference from the prices of equity options; high volatility is typically […]

In our first newsletter of 2018 we want to review 2017 and present our expectations for 2018. Let’s start by reviewing what we have learned from 2017.