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:
End of Quarter Fireworks
Last Week: Despite the general absence of fireworks (Mount Rushmore and other exceptions noted), the market enjoyed a festive pre-holiday rally with the S&P 500 gaining 4.02% and the Nasdaq Composite reaching a new record high. Three cheers for the Red, White, and...
Does V = Virus or Victory?
Last Week: Mr. Market: I want to say one word to you. Just one word. Confused Investor: Yes, Sir. Mr. Market: Are you listening? Confused Investor: Yes, I am. Mr. Market: Vaccine. Confused Investor: Exactly how do you mean? Mr. Market: There’s a great future once we...
Music Still Playing
Last Week: On Monday the market opened sharply lower, but reversed course after the Fed expanded its asset purchasing to include corporate bonds. Optimism over the Fed Put (let’s have a contest to come up with a catchier name) and a significantly better than expected...
Be Careful Out There
Last Week: We concluded our June 8th commentary with “Perhaps the glass is half full?” noting the surprising strong jobs report and the 43% bounce in the S&P 500 from its March 23 lows. On Monday the S&P 500 broke even for the year, and the Nasdaq Composite...
I Spy a V-Shaped Recovery ?
Last Week: It is an occupational hazard of the investment advisory business that we are often asked whether the stock market is rational (always an uncomfortable question, but as Hyman Roth said “this is the business we’ve chosen”). The recent disconnect between the...
Breathe!
Last Week: The S&P 500 gained another 3.01%, with the most beaten-up economically sensitive companies outperforming. The yield on the Ten-Year Treasury dropped one basis point to 0.65%, while the Dollar declined 1.5%. Most of the holiday -shortened week’s gains...
Small Caps Exit Shelter
Last Week: In our May 18 Kuby’s Commentary (Happy Birthday Brooke Kuby) we noted the extraordinarily difficult year small cap stocks were having, posting more than double the S&P 500’s decline. In an attempt to “accentuate the positive”, we suggested that “when...
The Economic Gloom Vaccine Fervor Pendulum Swings
Last Week: Every Saturday morning I settle in with my cup of coffee and read the New York Times and Barron’s. This past weekend each had a headline that when put together clearly painted the picture of the surreal state of the world. The NYT business section digest...
Reopening Fervor
Last Week: Reopening fervor overwhelmed COVID-19 fever as the S&P 500 surged 3.5% and the Russell 2000 jumped 5.5%! Following that rally the S&P 500 is now higher than it was a year ago: It is also almost 40% higher than it was five years ago, which seems like...
Broken Days
Last Week: My standard opening: “Hang in there! As expected, more evidence of the economic fallout, combined with a continued ramp up in global coronavirus cases, has resulted in a 24/7 stream of disturbing headlines.” In the first quarter, which only included a few...
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Market Commentary by Eric Kuby, Chief Investment Officer of North Star Investment Management