Category: Quarterly Investor Letters

The S&P 500 continued its post-election rally until peaking mid-February as trade and policy uncertainties began to weigh on investor sentiment. Through the end of

In 2024, we disagreed with consensus forecasts regarding Fed policy, interest rates, inflation, and the bond market outlook. For example, we felt Wall Street strategists

The Fed initiated a series of aggressive rate hikes in 2022, from near zero to eventually terminating at 5.50% in 2023. In September, the Federal

Cash generally does not provide higher returns than fixed income securities, but for an extended period, that has been the case. In fact, money market

Market pre-occupation with Fed policy persisted through the First Quarter. One CNBC commentator claimed Fed policy debates consume ten of fourteen hours of daily airtime.

Happy New Year! Please save the date: Thursday, February 22, 2024 for Patten & Patten’s 15th Annual Investment Symposium at the Westin Downtown Chattanooga.  

Reversal was the theme of the Third Quarter. Through the first half of the year, stock market gains reflected an extreme narrowness last seen during

In the Second Quarter, stock market momentum accelerated as the NASDAQ Composite Index posted double-digit returns. The NASDAQ’s year-to-date returns are reminiscent of the late

A combination of factors contributed to strong stock market returns in January: a) China abandoned its “zero-COVID” policy; b) indications of peak inflation; c) favorable

The Federal Reserve’s Open Market Committee (“FOMC”) meets next on February 1, 2023. At that meeting, the market anticipates the penultimate rate hike for this