Ten Years Ago… It’s March 8, 2009. The market’s down 56% from its all-time high, unemployment is over 8% and hurtling toward 10%, it’s just been reported that real GDP dropped at a 6.2% annual rate in Q4 of 2008, and it feels like the world is coming to an end.
Don’t Fear a “Hard Brexit”. It’s not like there would be no trade between the UK and the EU after a Hard Brexit. Trade rules would simply shift to the rules that apply between the EU and other countries under the World Trade Organization, like those that apply to EU-US trade or between the EU and China or Japan.
Where’s the Recession? Ten days ago we got the employment report for January, which showed a payroll increase of 304,000 and the highest share of adults working since 2008. Yes, February has seen both initial and continuing unemployment claims average higher than in January, but only slightly. In other words, job growth looks set to continue shutting down economic naysayers.
2008, Myth and Reality. We’ve written about it over and over, and while many advisors seem to understand, the media, politicians, and many analysts don’t…or won’t. So, we thought we’d try again to explain why so many people don’t understand the nearly ten-year-long bull market in U.S. equity values.