Steve Bruce

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The January Effect: A Bullish Signal for 2025?

With the S&P 500 closing January in the green, a powerful historical precedent was triggered—one known as the January Effect. Made famous by Yale Hirsch in the Stock Trader’s Almanac, this market phenomenon suggests: “As January goes, so goes the rest of the year.” Historically, when January is positive, the full year tends to follow […]
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Inflation’s Next Move: A Headwind for Risk Assets?

After steadily cooling through 2023 and 2024, inflation—measured by Core PCE—has begun trending higher again. On Friday, Core PCE came in at 2.79% year-over-year, marking the third straight month of elevated levels. While still below its long-term average, rising inflation can create headwinds for risk assets. What is Core PCE? It’s the Federal Reserve’s preferred […]
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The Housing Affordability Crisis Deepens

Earlier this week, the Case-Shiller Composite-20 Home Price Index hit yet another all-time high—the 22nd consecutive month of record-breaking prices. This index, which tracks home prices in 20 major U.S. cities, paints a clear picture: homeownership is becoming increasingly unattainable. 13 out of 20 cities in the index are at all-time highs, a discouraging reality […]
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But What Changed – January 2025

2024 was nothing short of extraordinary. The S&P 500 capped off the year with back-to-back 20%+ annual gains, a rare feat in market history. Domestic equities dominated international markets, and growth once again outperformed value in a commanding fashion. Will 2025 mirror last year? Unlikely. Since 1929, there has only been one streak of more […]
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Is Diversification Dead? A Look at U.S. vs. International Equities

2024 was a banner year for U.S. Large Cap stocks, with the S&P 500 outperforming International Developed equities (EAFE) by an impressive 22.5%. This extraordinary gap has many asking, “Is diversification dead?” 2024 in Context To truly appreciate the magnitude of last year’s performance disparity, consider this: since 1970, there have been only two other […]
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But What Changed – December 2024

2024 has been a remarkable year. With the S&P 500 up nearly 30%, it has delivered the 5th most all-time highs since 1950 and back-to-back 20%+ gains for the first time since the 1990s. This exceptional performance warrants both celebration and caution. While 2025 may not mirror this level of success, the data doesn’t suggest […]
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