The Federal Reserve raised rates for the first time in three years. Stocks fell 1%, then had their best day in six weeks. The market was not cheering for higher rates. It was cheering that it finally had an answer.

Markets can live with bad news. What they struggle with is an open question. Four of...

The S&P 500 has hit numerous record highs this year, overcoming a couple of hurdles where we saw a not insignificant drawdown. In my last memo to clients, I wrote about how the drawdown in stocks in July was structural, not fundamental, and how structural declines in the market tend to be shallow an...