Our Insight 2017-03-20T15:58:39+00:00

Our Insight

& Strategic Views

Insight Disclaimer: Smith Salley LLC's web site is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Smith Salley LLC's web site on the Internet should not be construed by any consumer and/or prospective client as Smith Salley's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Furthermore, the information resulting from the use of tools or other information on this Internet site should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Smith Salley & Associates, LLC. By closing this box, you hereby agree that you have read and agree with this disclaimer.


2011 2nd Quarter Commentary

Overview

The second quarter of 2011 had an all too familiar feel. After a strong start to the year, investors “sold in May and went away.” However, this time rather than an oil spill and the ensuing disaster, it was global supply chain issues caused by the Japanese tsunami, massive flooding in the US, a slowing growth rate in China and continued European debt concerns that caused investors to pull back. Added to that backdrop was [...]

July 12th, 2011|Insight, News & Press|

2011 1st Quarter Commentary

“He that can have patience can have what he will.”
Benjamin Franklin

Overview

The first quarter of 2011 closed with an upward trend in stock prices. A rally that began in December continued through March with the final day of trading in the quarter testing the highs set on February 5th. This type of behavior shows the extreme resilience of investors; that despite the prevalence of intense “noise,” the fundamentals that drive investing currently rule the Street.

The [...]

April 14th, 2011|Insight|

2010 4th Quarter Commentary

“Everyone takes the limits of his own vision for the limits of the world.”
Arthur Schopenhauer

Last quarter we discussed our take on the future of the economy, noting that economics is a dismal science and thus we are required to take a less apocalyptic and more measured approach to our forecasts than the soothsayers in the media. We noted that economic forecasts over the last 12 months have been anything but consistent or accurate and that [...]

January 26th, 2011|Insight|

2010 3rd Quarter Commentary

“The mind is its own place, and in itself, can make a heaven of hell, a hell of heaven.” John Milton

A recent story we read captures the idea of how many people think in linear ways that can lead us to underestimate the future – be careful how you think:

“In 1898, the first international urban-planning conference convened in New York. It was abandoned after three days because none of the delegates could [...]

October 25th, 2010|Insight|

2010 2nd Quarter Commentary

The second quarter marked a pause in the 18 month rally in the equity markets. International markets performed substantially worse than domestic ones, particularly when translated into U.S. Dollar terms. Much of this correction stemmed from the uncertainties in Europe and lackluster domestic indicators of economic activity.

The last three months have brought market participants to a point where many feel we are evenly balanced between economic decline and growth. That viewpoint is reflected in [...]

July 8th, 2010|Insight|

Time to Panic? (or Why you Need an Advisor)

by H. Brian May

Last week we experienced a selloff reminiscent of the days of Lehman Brothers’ failure in 2008. While some claim a trading error may have been responsible for a portion of the massive decline on Thursday, we know that fears of a European collapse and Greek contagion gave speculators and traders a reason to sell.

It’s clear the markets have risen substantially from the March 2009 lows, but [...]

May 11th, 2010|Insight|

2010 1st Quarter Commentary

During the last month, we passed the one year anniversary of the stock market’s most recent crisis low. We remember quite clearly that ugly Monday in March (3/9/09), 3 days after the S&P 500 hit an intraday low of 666, then closed at 676.53, reflecting a point where in the wake of the credit crisis, panic selling appeared to capitulate. At that point the S&P 500 traded at the same level it first crossed in 1996, 13 years earlier.

April 14th, 2010|Insight|