Even Flow

August 27, 2021By Andrew Keefer, CFAMarket

The Big Picture “Thoughts arrive like butterflies” – Eddie Vedder of the rock band Pearl Jam I have had many conversations over these past years discussing the underlying themes that have driven the markets for the last decade. It has led to some good discussions, points, friendly debates, and plenty of thoughts arriving like butterflies. … Read More


July 9, 2021By Andrew Keefer, CFAMarket

The Big Picture “To infinity and beyond!” – Buzz Lightyear from Toy Story The movie Toy Story was Pixar’s first major film release in 1995 and began a string of successes for Pixar. Pixar was also a serious disruptor that ended traditional cartooning. Historically, disruptors or innovators have had an interesting effect on markets and investors. … Read More

The Game

February 26, 2021By Andrew Keefer, CFAMarket

The Big Picture “Markets can be irrational longer than you can remain solvent.” – John Maynard Keynes An understatement in the least. So what was the game with GameStop? For about a week, GameStop was the most important story in the financial markets. GameStop, a video game and gaming merchandise retailer. While there have been some … Read More

The Gambler

December 8, 2020By Andrew Keefer, CFAMarket

The Big Picture “You’ve got to know when to hold’em, know when to fold’em.” -The Gambler, by Don Schlitz An iconic song arguably best performed by Kenny Rogers. A chance meeting of a professional gambler on a late night train and the life advice shared.  Investing and gambling are not the same. However this does … Read More


July 22, 2019By Andrew Keefer, CFAMarket

The Big Picture “Perception is more important than reality. If someone perceives something to be true, it is more important than if it is in fact true.” – Ivanka Trump The above quote is from Ivanka Trump’s book “The Trump Card”. I have always cringed when I hear that perception is more important than reality. … Read More

Inflection Points

December 28, 2018By Andrew Keefer, CFAMarket

The Big Picture “I can’t change the direction of the wind, but I can adjust the sails to reach my destination”   A remarkable statement which recognizes that we are impacted by forces out of our control. However, we can adjust our exposure to help obtain our desired outcome. One of the best characteristics of the … Read More


December 7, 2018By Andrew Keefer, CFAMarket

The Big Picture “I know you think you understand what you thought I said, but I’m not sure you realize what you heard is not what I meant…”  The above quote was apparently misattributed to former Federal Reserve Chair Alan Greenspan. Per Ralph Keyes of the Quote Verifier; “this popular tongue twister gets attributed to … Read More

Chicken or the Egg?

October 12, 2018By Andrew Keefer, CFAMarket

The Big Picture “Which came first? The chicken or the egg?” The chicken or the egg is a causality dilemma which asks the simple question of “which came first?” It is a rather amusing dilemma. Aristotle hypothesized that it was an infinite sequence and neither came first. That is a clever way to dodge the problem. … Read More

Back In Time

May 8, 2018By Andrew Keefer, CFAMarket

The Big Picture “Whoa, this is heavy!… There’s that word again, Heavy! Why are things so heavy in the future, is there a problem with the Earth’s gravitational pull?” From the 1980’s cult classic Back to the Future. Marty used the slang phrase “this is heavy” and Doc, from 1955, not recognizing the slang, took … Read More

Sine Waves

March 13, 2018By Andrew Keefer, CFAMarket

The Big Picture “Life is like a sine wave, you have to go through many ups and downs in order to move forward.” I would surmise there are many things to which we can apply that bit of wisdom. Ups and downs in the financial markets? Say it ain’t so! I promise I am not … Read More