Kuby’s Commentary
Eric Kuby, Chief Investment Officer of North Star Investment Management, writes a weekly commentary on market and economic trends.
Here is a sampling of recent commentary:
Bounce Baby Bounce
Last Week As March Madness unfolds, we embrace the bounces and rebounds on the hardwood floors around the country, as well as those on Wall Street. The market snapped its four-week losing streak, rebounding from correction territory. The bounce off the correction was...
Déjà Vu Slump
Last Week In the words of Yogi Berra, “It’s deja vu all over again” as the market slumped to a four-week losing streak, and trade war and economic downturn concerns continued to unnerve investors. “I don’t like Mondays” was in fashion as trading kicked off with...
Like a Barracuda
Last Week The adage goes, “March comes in like a lamb and out like a lion.” For investors, March 2025 came in like a bear, or perhaps, as referenced in the 1977 Heart song, “like a barracuda.” “And if the real thing don't do the trick You better make up something...
Slump, Rather Than Bump
Last Week Despite a decent bounce on Friday, damage was still done earlier to the equity markets thanks to the uncertainties caused by tariff talk and softening economic data. The S&P 500 slipped 1%, erasing most of the remaining gains for 2025 and leaving the...
Bad Moon Rising
Last Week The good news is that the stock market set new record highs on Tuesday and Wednesday. The bad news is that weak guidance from Walmart on the state of the consumer reversed those gains. The ugly news was the economic data on Friday, specifically the...
Tariff Teeter Totter
Last Week The seesaw action on Wall Street continued, with stocks snapping a two-week losing streak. President Trump’s tariff talk continued to dominate the news flow. The basic storyline reads that stocks drop when tariffs are announced and then recover when those...
Tariff Talk Takes a Toll
Last Week There must be some kind of way outta here Said the joker to the thief There’s too much confusion I can’t get no relief All Along the Watchtower – Jimi Hendrix/Bob Dylan “There’s too much confusion,” the portfolio manager told the trading desk. I can’t get...
DeepSeek, Tight Fed, & Tariffs
Most economists agree that excessive tariffs are harmful to the economy. As we learned in the classic 1986 movie *Ferris Bueller’s Day Off*, Ben Stein’s character famously explains: ‘In 1930, the Republican-controlled House of Representatives… passed the… Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act. Which, anyone? Raised or lowered?… raised tariffs… Did it work? Anyone?… It did not work, and the United States sank deeper into the Great Depression.’
Much Ado
Last Week To tariff or not to tariff, that is the question. Is it nobler in the mind to suffer the slings and arrows of an outrageous trade deficit, or rather risk triggering a rise in inflation? Meet the new boss, the same as the old boss. Donald Trump took office in...
Big Bounce
Last Week What a difference a week makes. One could simply reverse the narrative from last week’s commentary, “Rate Concerns Rising,” as tame inflation data led to a downtick in rates and the best weekly performance by stocks since the post-election rally in November...
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Market Commentary by Eric Kuby, Chief Investment Officer of North Star Investment Management