If I were to begin this note by saying I am speechless, I can hear all the wags out there – Richard Newman speechless? That’s a surprise. And that would line up perfectly with what happened in the markets this week because it was very surprising. Despite the ongoing war, surging energy prices, naval blockades, actual fighting in Lebanon, and imminent shortages of critical materials (jet fuels, fertilizer, helium, aluminum ) the markets surged higher. I felt completely crossed up…

The markets closed yesterday for Good Friday. Without the distractions of market activity, it would seem to be a good time to think about the investment landscape, possibly gain some useful insights. That, however, is a lot of wishful thinking. Getting meaningful insights at the moment would require interpreting the puzzling, and often contradictory, statements from Trump and his team and the current state of the war…

I wasn’t sure if I was going to produce something to share this week. Not that there aren’t a sufficient number of events and concerns to comment on. It is just that I find myself on the other side of the world in Perth, having accompanied my wife Amy on a business trip… yes, the proverbial ‘plus one’. I mention this not to boast about my good fortune (though I allow that it is considerable) but rather for what follows…

I feel like there is a pall over our lives right now. The difficulties I am having finding useful, productive insights as an investment advisor seem a little beside the point against the backdrop of an active, hot war. Financial matters seem a little trivial. Consequently, I will be brief this time…

Yesterday, the Supreme Court placed a bit of a curb on the Trump administration’s endless expansion of the powers of the Executive Branch, reaffirming that the power to impose and collect tariffs rested with the Congress. The administration will not simply accept this decision so uncertainty around tariffs and international trade will continue…

Ralph Waldo Emerson is credited with the saying 'a foolish consistency is the hobgobblin of little minds'. It occurred to me about myself...was my little mind going to slavishly pursue a 'foolish consistency' or, given a whole lot of other obligations this week, would I consider letting my every other week schedule drift a week because I have been buried with other obligations and wasn't sure I would find the time. But the market's angst-inducing daily girations of 1.5%- 2% seemed to deserve some commentary, at least a little context…