• Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy when others are fearful.

    Warren Buffet

Capital Market Review

Iron Capital’s quarterly review of capital markets performance and updated market forecast.


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  • Capital Market Review
  • Second Quarter 2019
  • Iron Capital Advisors

Second Quarter 2019

The Index is not the Market. The idea behind index investing is that the index is supposed to represent the market. One problem with this concept is that the index is just a sample of the market and, like any investment portfolio, it is a sample selected by someone. Often the index does not really tell the full story.


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  • Capital Market Review
  • First Quarter 2019
  • Iron Capital Advisors

First Quarter 2019

Ultimately all these ideas persist because of the fatal flaw of economics as a science. In the hard sciences the scientific method requires a control – this group gets the experimental treatment while this other group gets a placebo. The treatment works or it does not. There is no control group in economics. So what are investors to do?


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  • Capital Market Review
  • January 2019
  • Iron Capital Advisors

Fourth Quarter 2018

The market can in fact be wrong, and I believe it is wrong right now. However, John Maynard Keynes was also correct when he famously said, “The market can stay irrational much longer than you can stay solvent.”


  • Capital Market Review
  • Third Quarter 2018
  • Iron Capital Advisors

Third Quarter 2018

The gap between growth stocks and value stocks is becoming alarming. This has not happened since the market boom leading up to the Dot-Com bust.


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  • Capital Market Review
  • Second Quarter 2018
  • Iron Capital Advisors

Second Quarter 2018

Negotiating is almost always ugly, and we have learned to not like haggling. Well, this administration haggles and so do the Chinese. The markets, let’s face it, are dominated by young professionals (or the computers those youngsters program) who never had to bargain for anything.

  • The Index is not the Market. The idea behind index investing is that the index is supposed to represent the market. One problem with this concept is that the index is just a sample of the market and, like any investment portfolio, it is a sample selected by someone. Often the index does not really tell the full story.

    ~Second Quarter 2019

  • Ultimately all these ideas persist because of the fatal flaw of economics as a science. In the hard sciences the scientific method requires a control – this group gets the experimental treatment while this other group gets a placebo. The treatment works or it does not. There is no control group in economics. So what are investors to do?

    ~First Quarter 2019

  • The market can, in fact, be wrong, and I believe it is wrong right now. However, John Maynard Keynes was also correct when he famously said, “The market can stay irrational much longer than you can stay solvent.”

    ~Fourth Quarter 2018

  • The gap between growth stocks and value stocks is becoming alarming. This has not happened since the market boom leading up to the Dot-Com bust.

    ~Third Quarter 2018

  • Negotiating is almost always ugly, and we have learned to not like haggling. Well, this administration haggles and so do the Chinese. The markets, let’s face it, are dominated by young professionals (or the computers those youngsters program) who never had to bargain for anything.

    ~Second Quarter 2018