JPS Articles

1/20/2017

JPS Global Investments — Winter 2017 Newsletter

Dear Clients and Friends,

What will 2017 hold? The future is unknown. Yet, the worst possible outcome is not the most likely one. It is something I often remind myself of, as I am in the business of assessing risk when investing my clients’ money. Risk — or the possibility of adverse outcomes — should not be ignored, obviously, but it is the flipside of reward. You can’t have one without the other. So, with eyes wide open but glass half full, let us look at what may lie ahead.

10/21/2016

JPS Global Investments — Fall 2016 Newsletter

Dear Clients and Friends,

The third quarter of 2016 was pleasantly uneventful in financial markets. Oftentimes, summer can be a season that sees more market volatility, but not this year. The US stock market was only briefly in the red in the beginning of July and then stayed in positive territory without moving around very much. Did investors finally embrace the wisdom of taking a long-term view and ignoring the short-term noise?

7/13/2016

JPS Global Investments — Summer 2016 Newsletter

Dear Clients and Friends,

On the eve of the British referendum on EU membership — The Brexit — I penned a client letter laying out the what-if scenarios of the pending vote. The less likely outcome happened: the UK voted to leave the EU. Whereas the outcome was unpredictable, the reaction was predictable: markets sold off 5-6% in the US and 10-13% outside the US within 2 days and the British pound dropped more than 10%.

6/23/2016

JPS Global Investments — What to Make of Brexit

Dear Clients and Friends,

Within the next 4-8 hours we will find out whether the United Kingdom will remain within the EU or not. It has been billed as a macro event that will move stock markets, but the long term consequences of a break from the EU are unknown and unknowable. It is the uncertainty that of course fuels the market volatility. If the current rally in the pound and stock markets is to be believed, a “Remain” vote is the most likely outcome. A “Brexit,” however, would likely cause a sell-off that is of greater magnitude than any relief rally from “Remain,” as it would be unexpected. However, betting in either ...

4/15/2016

JPS Global Investments — Spring 2016 Client Letter

Dear Clients and Friends,

Charles Dickens would have perfectly captured the spirit of the first quarter of 2016: It was the best of times, it was the worst of times. It was the worst start to a year for the US stock market ever, with the S&P 500 Index alone erasing $1.4 trillion in 10 days. The market bottomed out on February 11th, with the tech-heavy NASDAQ leading the decline, down 15% since January 1st. But then, the reversal came swift and unexpected and by the end of March markets were mostly back in positive territory.