The Manley Market Memo

J. Lawrence Manley, CFA
A contrarian value investment letter
Created 31 Jul 2020
  • The Manley Macro Memo
    24 Mar 2022
    Executive Summary In February, stocks fell to a nine-month low as Russia invaded Ukraine, and investors worried about inflation, which surged to the highest level since January 1982. Since its January...
  • The Manley Macro Memo
    22 Feb 2022 2 0
    Executive Summary In January, the S&P 500 had its worst month since the pandemic crash of March 2020 because inflation surged to a forty-year high, and the Federal Reserve announced they were prepared...
  • The Manley Macro Memo
    25 Jan 2022 2 0
    Executive Summary Despite concerns about the new omicron variant and surging inflation, stocks rallied in December. Additionally, the Fed accelerated the pace of the taper of their Q.E. program becaus...
  • The Manley Macro Memo
    23 Dec 2021 2 0
    Executive Summary · Uncertainty about the Omicron variant and the Fed’s hawkish pivot led to a sharp market decline that began in late November. The correction subsided in mid-December because the Omi...
  • The Manley Macro Memo
    29 Oct 2021 2 0
    Executive Summary In September, the S&P 500 suffered its worst monthly performance since the start of the pandemic. In addition to inflation concerns, supply chain constraints, and labor shortages, in...
  • The Manley Macro Memo
    28 Sep 2021 3 0
    Executive Summary Despite a surge in new Covid cases, inflation concerns, supply chain constraints, and labor shortages, the S&P 500 reached a record high in August. The S&P 500 has advanced higher fo...
  • The Manley Macro Memo
    21 Jul 2021 2 0
    Executive Summary S&P 500 closed at a record high in June, fueled by the economic reopening and the historic level of fiscal and monetary stimulus. Despite the S&P 500's record high, the stock markets...
  • The Fed Admitted That Inflation May Not Be Transitory, but Actions Speak Louder Than Words
    24 Jun 2021 2 0
    Executive Summary Although the S&P 500 reached an all-time high, the major indexes were mixed in May because inflationary concerns tempered investor’s optimism over the economic reopening. Despite hig...
  • Is the Fed Making a Monetary Mistake?
    24 May 2021 2 0
    Executive Summary The market rally continued in April. Strong economic signals, the Fed's commitment to keep interest rates low, and the successful vaccine rollout led to a 5.3% rally and a record hig...
  • Will Stocks Continue to Rally?
    26 Apr 2021 2 0
    Executive Summary The S&P 500 surged to a record high in March, fueled by the successful vaccine rollout, massive monetary and fiscal policy, and better than expected growth due to the fiscal stimulus...
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