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Monthly Large Cap Commentaries

Large Cap Commentary -July 2017

In our line of work, change is inevitable and the fortunes of industries and sectors can change, sometimes dramatically. A portion of our job is to recognize change and adjust our portfolio accordingly.  A few months ago, I wrote about our specialty pharmaceuticals holdings.  If you recall, we increased our exposure as a positive “change”, […]

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Large Cap Commentary -2Q17

I grew up in Milwaukee. During my time there, a newscaster named Melodie Wilson was fired from a television station because she “skewed old.” When asked how she felt about her sudden dismissal, she famously answered that she was “skewed.” I bring up this story because coming into the month of June, markets were skewing […]

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Large Cap Commentary -May 2017

Recently I was in a client review and the client asked about turnover for our large cap strategy. For the record, we average about 35% turnover per year, meaning we hold a stock, on average, for three years.  Compared to peers our holding period is quite long.  The client also asked why we would ever […]

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Large Cap Commentary – April 2017

As I write this, we remain in the aftermath of the Trump Bump, a change that boosted the market as a whole, and in particular, boosted more economically sensitive stocks. However, since the popping of the champagne cork, there has been a pull-back in many stocks and in areas of the economy that are giving […]

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Large Cap Commentary – March 2017

 Mean reversion. Per Investopedia, mean reversion is the theory suggesting that prices and returns eventually move back toward the mean or average. This mean or average can be the historical average of the price or return, or another relevant average such as growth in the economy or the average return of an industry. We utilize the concept of mean reversion […]

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