Commentary and Research Papers
August 19, 2025
2025
Stock indexes went from bad to worse in March, as growing trade uncertainty weighed on stock prices. While stocks were weak in February as the post-election euphoria ebbed, March saw intensifying worries over President Trump’s prospective tariff policies, sticky inflation,spiking layoff announcements in the public and private sector and weakening consumer sentiment surveys.
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Commentary and Research Papers
August 19, 2025
2025
On April 9th, the S&P 500 surged an impressive +9.52%, putting it in the top 10 largest single-day percentage gains in the index’s history. That kind of rally turns heads — it’s rare air, the kind usually reserved for moments investors remember for decades. But before breaking out the champagne, it’s worth considering the broader context. Historically, the biggest up days in the market don’t tend to show up during periods of calm or stability. Instead, they tend to appear right in the middle of extreme stress
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August 19, 2025
2025
The energy sector has traditionally been a challenging sector to buy and hold due to its unpredictable/vicious cyclicality. Forward earnings projections have generally been considered less predictable than those for other sectors due to volatile commodity prices, a lack of fiscal discipline among producers (and the investors who fund them), OPEC’s attempts at price manipulation, and environmental concerns. These factors contribute to a very challenging sector for institutional investors.
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Commentary and Research Papers
August 19, 2025
2025
One of the most valuable yet sometimes overlooked investment strategies is tax loss harvesting in taxable accounts. Another prudent approach is trimming highly appreciated and over-weighted positions. Given the market volatility this year, investors may have had opportunities to harvest losses, while also considering reducing large gains in certain stocks following two great years in the stock market.
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August 19, 2025
2025
The post-election investor excitement for the prospect of pro-growth, pro-business policies from the new Trump Administration ebbed in February, in light of growing uncertainties related to the President’s threat of tariffs, worries over stubborn inflation and a possible slowdown in economic activity.
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August 19, 2025
2025
On a relative basis, the SCV portfolio rebounded nicely in February after declining on the DeepSeek news in late January. We’ve spoken in the past about how the SCV portfolio tends to underperform in lower quality or momentum driven markets due to its value bias but typically performs well in down markets.
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