Reports

Wide gaps in performance between various sectors of the market have emerged. These gaps have expanded further in recent weeks and indicate a weak broad market.

We preach against short-term focus and market timing temptation. However, rising regulatory burdens and interest rates for companies that need to borrow have increased short-term costs.

Earlier market declines reversed during the quarter. Stocks in the US and abroad generally moved higher than in the preceding three months despite wobbling lower before year-end.