Pandemic of Uncertainty

After an uninterrupted rally in 2019, the stock market has suddenly dropped.  In three days, the strong start to 2020 was wiped out.  In six days, we hit correction territory, down 10% from the all-time high.  By now, everyone probably knows that the triggering event of this downturn was SARS-CoV-2 (a.k.a. coronavirus), specifically its sudden […]


The last twelve months saw a strong resumption of the bull market for U.S. stocks, calming investor fears that 2018’s late sell-off foretold the end of the current economic cycle. With the exception of a few 5-7% pullbacks in the middle of the year as investors digested earlier gains and fretted about continuing trade war […]

Beating Up Big Tech

In the early days of the Internet, the concept of what can and should be published–and who is responsible for it–troubled authorities. Despite a key 1996 law that seemed to address the issue, more than two decades of explosive growth in the amount of information available online has exacerbated that concern, and prompted new ones. […]

The Fed, Inflation and Too Much Money?

Since the end of the Great Recession in 2009, inflation has remained stubbornly low. Even after ten years of economic growth and an unprecedented injection of money into the economy, inflation has consistently remained below the Federal Reserve’s stated target of two percent per year. The causes of this weakness are a matter of intense […]

The Evolving Landscape of Healthcare in the U.S.

Healthcare is a complex, highly regulated, and expensive institution, accounting for a whopping $3.5 trillion of spending per year.  According to the Centers for Medicare & Medicaid Services (CMS) national healthcare expenditures are expected to grow faster than the overall economy, at an average of 5.5% annually from 2018 to 2027.  If that comes to […]

2019 – The Year Ahead

The year just ending was everything the previous year was not.  Instead of steady double-digit returns in the U.S. stock market, investors saw returns evaporate, accompanied by a dramatic increase in volatility. After starting the year with a bang in response to positive expectations about corporate tax law changes, the stock market pulled back sharply […]

5G Wireless

Companies that develop or benefit from wireless technology have had a place in BTR’s portfolios for years.  In the most advanced economies, smart phones are ubiquitous, and they are becoming ever more prevalent in developing economies, so the theme is maturing.  As we embark upon the fifth generation of wireless technology, a.k.a. 5G, it behooves […]

Cancer: A New Game

“Cancer didn’t bring me to my knees, it brought me to my feet.”                                                               Michael Douglas, Actor The medical community is in the midst of […]

Autonomous Vehicles

“I thought cars were the dominant lifeform.  I was trying to introduce myself.”                                                             Douglas Adams, The Hitchhiker’s Guide to the Galaxy As investors in an […]

2018 – The Year Ahead

What a year 2017 turned out to be for the financial markets.  It began with both hope and trepidation on the part of many regarding the uncertain economic and political environment following the U.S. Presidential election.  It is ending as one of the strongest years for the stock market since the Great Recession. What caused […]