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July 2008     Sometimes the best offense is a good defense

Successful investors over the full market cycle, both up and down, tend to be those who play good defense when a market is in a correction like the one we’ve been experiencing of late. 

I like to tell folks that the best money you make in the market is the money you don’t lose during a correction and the math really bears this out (no pun intended).


January 2008
    Investing in Tough Times

The stock markets have been selling off very heavily over the last several weeks and I know from experience that this sort of sell off and all the heavy media attention it attracts tends to make investors anxious and worried.  So, I wanted to touch base with everyone to assess what’s happening, what we’re doing about it, and why I believe it will all come out okay.

December 2007
    Investors Challenged in 2007

During the first half of the year, euphoria reigned in the markets based largely on speculation about mergers and acquisitions (M & A) strategies. Hedge funds and other institutional investors were pouring money into the market chasing these M & A expectations and the market indices ran up nicely. Meanwhile, the ominous matter of a collapsing residential real estate market went largely ignored.  Besides, the party was going so well and the wine was so very fine.

Finally in late July the black horsemen of sub prime mortgages crashed into the party and the revelers were cut down on the dance floor.

August 2007     Opps, they've done it again!

The securities markets have been making some wild moves, both up and down, recently and all of this volatility is getting a lot of attention in the media. At times like these, I like to touch base with everyone and share what I see is going on.

In the “ElephantWatch” newsletter last year, I discussed the dominant role of institutional investors and hedge funds in the current market place.Well, once again, some of this crowd has gotten into trouble and the markets are reacting.

July 2007     The World is Flat

Although stock prices generally rallied last quarter, a pretty severe pull back occurred in the bond markets. That caused virtually all bonds and bond funds to decline in value for the first time in almost a year.  It seems that the fixed income markets have gotten pretty nervous, in part because of serious concern about the health of mortgage backed securities, especially those backed by mortgages to sub prime borrowers.

March 2007     May we all live in interesting times!

As I began to compose this quarter’s newsletter, a popup alert from the Wall Street Journal appeared on my screen announcing that the Dow Jones Industrial Average was down for the quarter for the first time since June 2005.  The actual decline was quite small and this alert reflects the general tendency of the financial media to over hype what’s happening to the Dow.  No serious money manager pays much attention to the Dow because it’s composed of only 30 companies, most of which are old mature blue chip stocks which don’t reflect very accurately what the economy or the market as a whole is doing. 


The real question is, what does a moderating of the stock market imply for our investments going forward?

December 2006    Farewell to 2006

As 2006 draws to a close, I would like to thank you all personally for the special trust and confidence you have placed in me as your investment advisor.  2006 has been a very busy year for Eagle Wealth Management with much to be thankful for and for many lessons learned which we can apply going forward.


One lesson learned was an old lesson...

September 2006
   Is this market giving us another sucker rally?

One of the most profound experiences I had in this business was in the late summer and early fall of 2000: the S&P 500 index made a run at its all time high much as the Dow Jones Industrial Average has been doing lately.  Technology stocks were on the rise, cheered on by broadcast analysts. I became swept up in this enthusiasm and positioned my clients into portfolios of the most popular growth stocks of that time to help them enjoy the good ride up in wealth.


But there were warning signs out…

August 2006     Elephant Watch

A reminder to keep an eye on the herd and be patient!
The stock markets have been pretty bumpy the last few months and that reminds us of the importance of patience and discipline in our investment process.  Since May 10th, all the indexes are down, with the small capitalization stocks down the most at about 12% over this period. The softening of the real estate markets and the general concern about the pace of consumer spending has created a decidedly cautious tone for investors.

The large institutional investors, which I like to refer to as the elephants, are the primary drivers in the securities markets...


July 2006     Lessons Learned: Prologue

I think there are some important lessons to be learned from what’s been happening at Winn Dixie Stores. For anyone unfamiliar with Winn Dixie Stores, they are a large, publicly-traded, supermarket chain with a substantial network of stores throughout much of the southeastern United States...

June 2006      Why am I starting a newsletter?

A primary goal of this newsletter is to share the process behind what I am doing, what I am researching and learning, and how I am applying all of this to each client’s wealth management goals...


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