March 2024 Monthly Letter
The following is your March 2024 Robertson Stephens Monthly Performance Report. As you can see below, March put a nice closing touch on the first quarter of the year (YTD column). As mentioned, the prevailing sentiment among market strategists is now one of surprise. It was the rare strategist (none that I saw) who called […]
Just A Little Turbulence
April 4, 2024 Good morning, The equity market has experienced a little turbulence over the past few days, down ~ 1% from its highs since last week. It would appear that after two months of ignoring spiking yields in the bond market, (the UST-10yr, for example, has moved from 3.80% to 4.37%), equities may care […]
Grinding Higher
April 1, 2024 Good morning, Welcome to Q2. The overwhelming feeling this morning for investors, and particularly for professional market strategists, is one of surprise. Despite the unusually wide range of market expectations among the “Year Ahead” forecasts last December, I do not recall a single outlier that expected a gain of over 10% by the S&P […]
A Growing Concern For The Fed Chairperson
March 25, 2024 Good morning, As mentioned, the Fed certainly carried the week last week, by announcing Wednesday afternoon that it was leaving its dot-plot unchanged at 3 rate cuts before year-end, and surprising markets with its overall dovish tone. After two flat weeks in a row, the S&P 500 jumped up +2.29% last week. […]
The Contrarian’s Axiom
March 21, 2024 Good morning, We have been vividly reminded that “Markets will do what surprises the most” so far this week. It is the contrarian’s axiom. Recall, all the chatter through financial news channels that this week’s AI Conference would eclipse yesterday’s Fed Meeting in terms of market impact. Well, the AI Conference was […]