February 2022

Q4 2021 Commentary

Why All the Gloom in the Midst of this Great Bull Market Run?

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way – in short, the period was so far like the present period ….

A Tale of Two Cities, Charles Dickens

We begin this investment commentary with a nod to Charles Dickens who wrote one of the great opening sentences in English literature in A Tale of Two Cities. And his sentiments remind us of today. Written in 1859, A Tale of Two Cities is an historical novel set in London and Paris before and during the French Revolution with its Reign of Terror. With her knitting needles always busy, Madame Defarge is vividly remembered by all who have read the novel. Looking at our present-day culture, which one pundit has described as “civil war without rifles,” Dickens could be describing American society now. And there are plenty of modern Madame Defarges who spit out their venom daily on social media.

As we will detail in this quarterly investment commentary, it has been the best of times in the U.S. stock market, but many think that we have been in the worst of times for everything else. Will the ubiquitous gloom and doom affect the stock market’s trajectory in 2022?



Robert H. Bradley


Robert H. Bradley