For the past 15 years or so, I’ve had a very important hold on my calendar on Wednesdays at 5 pm. If I’m in Chicago, I make it there, with surprisingly few exceptions. My appointment is at the basketball court in our local neighborhood Jewish Community Center. There, 8-10 middle-aged men gather to stretch, play, sweat, hydrate, rinse and repeat until our …
A Season of Transitions
For many of us, Labor Day Weekend indicates a transition. The unofficial end of summer; the herald of fall activities; a new school year for kids, grandkids, or even ourselves; the subtle shift in nighttime temperatures; the sudden ubiquitous pumpkin spice everything. Within the last few weeks at Park Piedmont, one of us announced a pregnancy. One of us dropped off a …
The Futility of Predictions
As you know, we avoid making predictions about where the stock and bond markets are headed. There are simply too many factors that impact the markets – economic, political, atmospheric too – over the short and long terms. On the other end of the prediction spectrum, a Morgan Stanley analyst recently made the sheepish admission that “we were wrong. 2023 …
Does ESG Investing Have the Impact We Think It Has?
I’d like to divest from oil and gas,” I said firmly. My request felt urgent. The world itself was at stake. It was 2015, and my answer wasn’t what the financial advisor was expecting when he asked how he could help. Todd, who worked at a large investment firm, was assigned to work with me. This was his introduction. Basically, “Hi, my …
June Market Activity: Stocks and Bonds Continued Their 2023 Recovery
Stocks and bonds continued their 2023 recovery in June from the dismal results of 2022. Broad-based US stocks rose 16% through the end of June, while developed country stocks increased 11% and emerging markets stocks were up 5%. The tech-heavy NASDAQ index climbed almost 32% through half of 2023. Bonds also had positive returns through June 30. With the benchmark …
Artwork and Collectibles: For sentiment, investment, or both?
I read recently that Sotheby’s will auction off Queen front man Freddy Mercury’s very eclectic collection of personal items this fall. Included are his handwritten notes and lyrics to Queen’s iconic anthem, “We Are the Champions.” Sotheby’s expects to offer it at $250,000. This is an expensive piece of music history – though way short of Bob Dylan’s handwritten notes for “Like …
Celebrating Juneteenth
The Park Piedmont team will be off this coming Monday, June 19, in commemoration of Juneteenth National Independence Day. Juneteenth is a federal and public U.S. holiday on which federal banks are closed. Stock and bond markets will be closed as well. We will return on Tuesday, June 20. Juneteenth is at once a long-running holiday and one whose name and …
May Market Update: A Crisis Averted
To the surprise of many, the US debt ceiling issue was resolved relatively peacefully in the last week of May into early June. President Biden and House Speaker McCarthy worked out a deal that pleased few of the more extreme members of both political parties, but which raised the debt ceiling until early 2025 in exchange for modest spending cuts …
The Planning Fallacy: A Lesson in Behavioral Finance
We wrote recently about a Freakonomics book called Think Like a Freak. That book included many important pieces of advice related to the personal financial advice PPA provides our clients. I just listened to a Freakonomics Radio podcast, “Here’s Why All Your Projects Are Always Late – and What to Do About It,” that has similar relevance to behavioral finance, …
An Update on the Debt Ceiling Negotiations
We wanted to share an update on the ongoing debt ceiling negotiations. The most up-to-date reports are that President Biden’s White House and the Republican House leadership appear to be moving closer toward an agreement. As reported by the New York Times this morning, the two sides look to be coalescing around “a deal that would raise the debt limit for …