June 30, 2023 Dear Fellow Shareholders, Performance: The stock and bond markets were mixed for the quarter ending June 30, 2023, with the broad stock market as measured by the S&P 500 advancing 8.74%, the MSCI EAFE (foreign stock market index) up 1.87%, and the Bloomberg Barclays Intermediate term government/corporate bond index declining 0.81%. Recall […]
Thomas G. Plumb, CFA Lead Fund Portfolio Manager President, CEO, Chairman March 31, 2023 Dear Fellow Shareholders, The Plumb Balanced Fund (PLBBX) for 1st quarter ending March 31st, 2023, finished up 8.33% and beat our blended benchmark by 2.39%. Our largest weighted Information Technology sector was up 31.53% vs the 18.92% Information Technology sector of […]
The tumultuous 2021 has finally come to an end. Though the year was wracked with political infighting, pandemic closures, supply disruptions, inflation rearing its ugly head and rising interest rates, most major world stock market indices recorded meaningful advances.
Despite the sell off in world equity markets in September, the third quarter was a very good quarter for stocks. The S&P 500 advanced almost 9% while the MSCI EAFA International Index appreciated 6.25%. Even the bond market reflected moderating interest rates and advanced 1.33%. For the year-to-date these US stocks and bond indices have [...]
The stock market rebounded from its extremely depressed level in the quarter ending June 30th. The Dow Jones Industrial Average increase of 17.8%, S&P 500 provided a total return of 20.5% and NASDAQ, was up 30.6%. All recorded multi-decade quarterly records. The Wall Street Journal reports that this performance was not enough to offset the [...]
The March 31st quarter included unprecedented worldwide economic, health and investor turmoil. The Dow Jones Industrial Average suffered its worst start of a year in its 124-year history. This decline completely offset the strong stock market returns of the previous year, putting the S&P 500 back to the levels of December 2018. The pandemic put all the worlds’ national economies, macro and micro alike, on the same downward spiral.
Despite tepid earnings growth for the average company in 2019, broad equity markets provided very attractive returns. To the casual observer, public company earning’s growth, GDP growth and stock prices appear to have decoupled. In 2018, the stock market declined despite significant earnings growth for the underlying major indices. In 2019, the stock market soared despite minimal growth in these underlying earnings.
The third calendar quarter of 2019 was generally positive for investors, but less so than the previous two quarters. Equity markets were mixed as the S&P 500 advanced 1.7% and the MSCI EAFE ex US index showed a decline of 2.5% for International equity markets.