As a lifetime student of the market, I consume my fair share of daily market research and opinion. The Morning Note is a curation of the various research outlets I review. I subscribe to three independent research firms: Ned Davis Research, Dorsey Wright & Associates, and Lowry’s Research. Through Robertson Stephens as a fiduciary RIA, I have access to the research of Goldman Sachs, JP Morgan, and Morgan Stanley, among others. I closely follow the managers we recommend to our clients since our Investment Office thinks these managers are best of class, and I share those managers’ opinions in The Morning Notes. Finally, I am a Bloomberg client with access to all their unfiltered market news.
The primary purpose behind the notes is to allow readers to see my take on the markets, from a technical/quantitative perspective, and in real time. I try to provide some reasonable probability of what is ahead for the market from a near term (days/weeks/months) perspective. I normally write notes three days per week, or when market volatility elevates, each day.
I believe that it is crucial to long term investment success to be in tune with long term market trends in asset classes, geographies, sectors, market caps and styles. All trends, however, begin as short term moves in the market. The grand challenge is to separate the signal of a long-term trend from all the daily noise around it. There are other reader benefits to the note besides an inside view of market action and what that may portend. Clients are reminded that their family advisor is monitoring their portfolio constantly, and they get insight into how their advisor thinks – a possible risk for me, clearly, but one I choose to live with. It is critical to the development of healthy, long-term, investor relationships.
Upon request, I would be happy to forward previous notes as far back as you would like to go. The notes are written as a stream of consciousness, and what better way to judge one than by looking at it in retrospect? If you would like to receive The Morning Note, just drop me a line and I will add your email to the distribution list.
To read my past morning notes, you can find them here.
