stock – MD Update

Market Volatility — 2019 Style

June 1, 2019June 21, 2019 Scott Neal all-time high, Brock, capital of the firm, earnings, excess capital, fed rate, good quarter, increase earnings, increased volatility, interest rate lead, labor, late federal reserve pronouncement, long-term wealth, market volatility, model uncertainty, monopoly, negative real return, PE, PMU, profit of a company, real cause, real cause of the volatility, real cause of volatility, recent market, remarkable growth of earnings, reporter of the financial press, reporter of the news, reserve pronouncement, round of increased volatility, S&P 500, Scott Neal, stock, true value, true value of an investment, US stock market, volatility, volatility of the recent market, Woody Brock, world-class economist

I’m concerned because I have heard too many people recently say something along the lines of “I know the US

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Complementary Care

Farm-U-See versus Pharm-A-Cy

January 1, 2018March 23, 2018 Mac Stone action of the tobacco industry, agriculture 's national organic standard board, airtime warn, Ann Bell stone, benefit of consume fruit, blue packet, colonoscopies, commercial produce distribution, considered normal, consume fruit, delivery of organic vegetable, diverse plant biome, diversity of the microbe, Elmwood, Elmwood stock farm, Elmwood stock farm website, fake fake sugar, fake sugar, Farm-U-See, focus of nutritional research, food medicine, food organization, food supply, former chair of the U.S. department of agriculture 's national organic standard board, good fat, gut health, holistic long-term fix, human Microbiome project, image001 photo, immune health, impact of genetic manipulation, insidious disease, kale salad, Kentucky, Kentucky department of agriculture, Kentucky proud program, let 's focus, Mac, Mac stone, matrix of complication, Microbiome project, miracle drug, nonprofit agriculture, nutritional research, organic farm, Pharm-A-Cy, pharmaceuticals, plant biome, preliminary result show, produce distribution, rate of cancer, routine colonoscopies, Sarah Jane Sanders image002 Mac, Sarah Jane Sanders image002 Mac stone, stock, stomach staple, sugar, synthetic chemical pharmaceuticals, synthetic pill, tasty food, thousand of food additive, wait room full, warn user, wellness benefit

The correlation between diet and disease is undeniable. Where else would the obesity epidemic come from? Where else would the

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Complementary Care

Common Wealth

February 1, 2017April 24, 2017 Mac Stone agriculture, average Kentuckian, awkward financial part, bad fat, bag of expensive organic seed, begin of the farm season, box of fresh veggies, bulk discount, common wealth, CSA, CSA investment, CSA member, CSA share, CSA shareholder, CSA subscriber, customer, economy of scale kick, Elmwood, Elmwood stock farm, employee 's CSA share, employer-sponsored health benefit, expensive organic seed, farm season, farmer, farmer market start come, food dollar, food economy, food responsibility, fresh veggies, healthy eat, interest payment of a loan, investment, investment reach, irrigation supply, Kentucky, Kentucky call, Kentucky study show, large cash outlay, little plant, local food economy, method research, organic food, organic method research, organic produce farmer, produce farmer, recent university of Kentucky study show, release of toxic pesticide, residual toxin, scale kick, seasonal eater, seasonality of crop system, shared relationship, shareholder, Start-Up, stock, strong CSA, top preventable cause, top preventable cause of death, transparent relationship, tray of seedling, vibrant farmer market start come, week 's CSA share, willing hand, wise investment

GEORGETOWN A trend among organic produce farmers is to enter a contractual relationship with their customers known as Community Supported

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Different Strokes

February 1, 2017March 23, 2018 Scott Neal accompany chart, accompany chart of the S&P 500, Alexander elder, allocation, asset, asset allocation, buy-hold-and-rebalance, buy-low, chart book, chart combine inertia, chart of stock price, Dodd 's security analysis, early proponent of asset allocation, elder, elder 's chart, fast personal computer, finance professor, investment, investment professional, lead school of finance, level of volatility, mantra, mantra of investment professional, modern portfolio theory, Mordecai Kurz, optimal point, optimization of risk, order of the day, PnF, point-and-figure, portfolio theory, practical limitation of modern portfolio theory, Professor Markowitz, Roger Gibson, S&P 500, Scott Neal, static asset allocation, stock, stroke, teacher of trader, technical analysis, trader, trader 's attention, trend shift, update of point-and-figure, value-oriented invest, volume data, while price, widely-used investment textbook, wise investor

Once upon a time, the most widely-used investment textbook was Graham and Dodd’s Security Analysis. Still relied upon, it was

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Trumponomics

December 1, 2016March 23, 2018 Scott Neal administration-in-waiting, aforementioned tax plan, ardent publisher, basket of unknowables, big deficit, bond, bond market, budget reconciliation, economic policy uncertainty, economist, emerge economy cause problem, fiscal policy, fiscal policy of Reagan, full replacement of the affordable Care act, government bond yield, high bracket, historical rate of return of security, hoped-for stimulus, impact of decline rate, improve live standard, income deferral, indicator of the future, low top tax bracket, major concern of a trump administration, market hate, new round of uncertainty, next recession, policy priority of the trump administration-in-waiting, policy uncertainty, post-election, post-election ride, potential benefit of a stimulus, pretty well-educated guess, proactive risk control, proper trade deal, protectionist strategy, ramped-up, ramped-up growth, rapid rise of government bond yield, Reagan, Reagan playbook, reduced regulation, reimbursement rate, rise dollar, Scott Neal, spend measure, stock, stock market, stock market 's wild post-election ride, sufficient growth, tax plan, tax practitioner, tax save maneuver, trump, trump administration, trump administration-in-waiting, Trumponomics, uncertainty, underperform stock, unknowables, well-educated guess, work American

It’s still a bit early to say much, but our ardent publisher has asked for a take on Trumponomics and

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The Seat Belt Light Is On

March 1, 2016 Scott Neal −3.8 percent, apparent appeal, appropriate right, avalanche of panic, big provider, big provider of exchange-traded fund, blended earnings decline, blinder, campaign politician, China 's economic decline, China 's purchase, China 's slowdown, Chinese stock market result, collapse of global market, consecutive quarter of decline, consumption, current level of fear, current market instability, decline interest rate, doomsday story, Dr. Alan blinder, Dr. Alan blinder of Princeton, drill firm, earnings, earnings decline, effect of China 's slowdown, energy stock, evolve service sector support stability, far big problem, fiduciary perspective, GDP, good lead indicator, household debt, international stock, large energy stock, major morning headline, manufacture worker, mid-cap, morning headline, new ETF, non-service sector, oil price, overall stock market, reasonable mind, S&P 500, S&P 500 company, Scott Neal, seat belt light, service sector support stability, slow consumption, stock, stock market result, thing oil, three-plus decade, three-plus decade of decline interest rate, unexpected rise

One of my favorite books, for many reasons, is The Fourth Turning, by William Strauss and Neil Howe. It begins

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Déjà Vu, All Over Again

December 1, 2015January 20, 2017 Scott Neal 30 year U.S. treasury, 65 % bull, aggregate earnings, bad quarter, big year-over-year decline, bullish consensus, contrary indicator, Déjà Vu, downright alarm, earnings, exception of interest rate, extraordinary stock market growth, financial plan, fundamental driver, fundamental driver of the extraordinary stock market growth, future of the stock market, GDP, GDP growth, growth rate, growth rate of aggregate earnings, growth rate of earnings, historical index data, impend rate hike, interest rate, investment, investor psychology, level of aggregate earnings, level of optimism, long run return, long time reader, long-dated, long-dated bond, magnitude of stock repurchase, mean reversion, member of the fed, money manager, non-fundamental factor, portfolio, primary impact of GDP growth, quarter of the S&P 500 company, rate of return, run return, S&P 500, S&P 500 company, Scott Neal, sentiment, slow erosion of expected return, slowdown, stock, stock market, stock market growth, stock market rally, stock repurchase, strategy, survey of advisor, time reader, variable, year-over-year decline

As of this writing, the stock market has just produced one of its worst quarters (Q3) in a very long

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Looking Back, Looking Forward

June 1, 2015 Scott Neal aforementioned fundamental driver, aggregate earnings, baby-boomers demand dividend, broad index, buy-backs, concept of mean reversion, crash, current 20+, Dr. Woody Brock, Dr. Woody Brock point, earnings, estimate call, financial plan, growth rate of aggregate earnings, growth rate of earnings, impend stock market crash, interest rate, investor, legendary stock picker, magnitude of stock repurchase, mean reversion, mean-reverting, mean-reverting development, moral of the story, nominal price of the stock, normal investor, picker, portfolio, rational prediction, real term, remarkable stock market, remarkable stock market of the past century, repurchase, reversion, Scott Neal, share buy-backs, share repurchase, stock, stock market, stock market crash, stock market return, stock picker, stock repurchase, sustained low level of growth, ten-bagger, unexpected rise, wealth growth

Back in the ‘80s, legendary stock picker Peter Lynch was famous for looking for those stocks that he thought would

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Maintaining Optionality

May 1, 2015 Scott Neal 14 % more money, 20 % decline, advantage of a down market, Antifragile, appropriate strategy, asset, asymmetric upside, author of good seller, available cash, average new money, brief economics lesson, bucket approach, buy-hold-and-rebalance, buy-hold-and-rebalance strategy, cash, cash rest, conventional monetary policy, dollar-cost, dollar-cost average, down market, economics lesson, efficacy of ZIRP, face of ZIRP, fed fund rate, five year CD, fund rate, go-go year, hypothetical dollar-cost, interest rate, investor, legendary investor, limited downside, money market rate, more money, non-conventional policy, Optionaility, Optionality, past four, portfolio, price of financial asset, property of asymmetric upside, real beauty of dollar-cost average, S&P 500, Scott Neal, specific goal, stock, traditional advice, unique property of optionality, value of cash, value of cash rest, zero-interest rate policy, ZIRP

We begin with a brief economics lesson and then move to how it affects investors. During periods of slow economic

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Investing in the New Year

October 1, 2013 Scott Neal 10 year average, 10 year average of the S&P 500 index, absolute return strategy, asset, asset allocator, bond, bond value, buy-and-hold investor, close net asset value, current bull market, discount brokerage firm, Doug short, downside, downside risk, ETF, experience self, father of behavioral economics, grow universe, grow universe of exchange, incur transaction cost, interest rate rise, investment, investment of respectable size, investor, long bull market, loss ring, market fall, memory of risk, midst of the long bull market, miss market gain, move counter, movement of an index, new year, past gain, portfolio, pretty wide array, pretty wide array of ETF 's, Princeton professor of psychology, remember self, respectable size, return strategy, risk tolerance, S&P 500, S&P 500 index, Scott Neal, self, serious downturn, short term bond, stock, stock market, term bond, traditional openend, turn of the calendar, vast majority of advisor, wealth preservation

According to Daniel Kahneman, Princeton professor of psychology and the so-called father of behavioral economics, it is our “remembering self”

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