Market Updates

Welcome to Csenge Advisory Group's company blog. Here you will find market updates, company news, and relevant information to keep you informed about what's going on in the financial markets and how we are seeing the road ahead. Please do not forget to sign up for our newsletter for ongoing commentary from our team!

 

Tuesday, February 20, 2018

­Weekly Market Commentary February 19, 2018 The Markets As New York Fashion Week ended, inflation strutted its stuff. Ever since the Federal Reserve began raising the Fed funds rate in 2015, analysts have been anticipating higher...

 

Tuesday, February 13, 2018

February Insight: It Was Bound To Happen Be a part of DIFFERENT…... HERE IT IS!! After all the “UP” action, the market fell. We knew it would happen, we just didn’t know when. This is normal activity in the...

 

Monday, February 12, 2018

­Weekly Market Commentary February 12, 2018 The Markets Back to reality... After months of eerie calm,stock market volatility has returned. The CBOE Volatility Index (VIX) – a measure of how turbulent investors expect stock...

 

Monday, February 5, 2018

Weekly Market Commentary February 5, 2018 The Markets It was not a good week for stocks. Last week, stock markets around the world lost value. In the United States, the Standard & Poor’s 500 Index (S&P 500), Dow Jones Industrial...

 

Monday, January 29, 2018

Weekly Market Commentary January 29, 2018 The Markets The numbers are coming in. Publicly-traded companies report their earnings and sales numbers for the previous quarter in the current quarter. For example, fourth quarter’s...

 

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Monday, January 22, 2018

Weekly Market Commentary January 22, 2018 The Markets Last week, the United States government might as well have hung a sign on the front door of the Capitol that read, “Gone negotiating. We’ll be back in…however...

 

Tuesday, January 16, 2018

Weekly Market Commentary January 16, 2018 The Markets Inflation, inflation, where’s the inflation? The U.S. Federal Reserve has been raising interest rates in anticipation of higher inflation In its 2018 forecast, Goldman Sachs...

 

Monday, January 8, 2018

­Weekly Market Commentary January 8, 2018 The Markets Whoosh! Bang! Flash! Fizz! Whistle! U.S. stock markets delivered their own version of fireworks to celebrate the New Year. During the first week of 2018, the Dow Jones...

 

Tuesday, January 2, 2018

Weekly Market Commentary January 2, 2018 The Markets How good was 2017? It was so good, the Standard & Poor’s (S&P) 500 Index finished in positive territory every month for the first time ever (on a total return basis), reported...

 

Tuesday, December 26, 2017

Weekly Market Commentary December 26, 2017 The Markets It’s time to turn your mind to taxes. Last week, President Trump signed tax reform, officially titled ‘An Act to provide for reconciliation pursuant to titles II and V...

 

Monday, December 18, 2017

­Weekly Market Commentary December 18, 2017 The Markets Here we come a tax-reforming… The reconciliation of Congressional tax reform bills proceeded apace last week, and Congress is expected to vote on the measure early this...

 

Monday, December 11, 2017

­Weekly Market Commentary December 11, 2017 The Markets “It's the hap- happiest season of all.” While holidays don’t make everyone happy, investors should be feeling festive. The Standard & Poor’s 500 Index...

 

Friday, December 8, 2017

December INSIGHT THE MEANING OF THE 12 DAYS OF CHRISTMAS* We hear this song every Christmas, but did you ever think about what they mean? These are the hidden meanings of the words. The "partridge in a pear tree" is Jesus Christ. The...

 

Monday, December 4, 2017

Weekly Market Commentary December 4, 2017 The Markets What will it take to shake investors’ confidence? From the perspective of unsettling events, last week was jam-packed. North Korea claimed to have the capability to strike the...

 

Tuesday, November 28, 2017

Please join us for our annual open house on December 7th!

 

Tuesday, November 28, 2017

Weekly Market Commentary November 27, 2017 The Markets There was a lot to be thankful for last week. Stock markets around the world may have ripened to full-slip sweetness this year. Emerging markets have delivered the most attractive...

 

Tuesday, November 21, 2017

Weekly Market Commentary November 20, 2017 The Markets Are investors more like tigers or African wild dogs? It appears investors – retail and institutional – have become rather like predators. They patiently stalk shares,...

 

Monday, November 13, 2017

Weekly Market Commentary November 13, 2017 The Markets Selling it overseas. Most of the companies in the Standard & Poor’s 500 (S&P 500) Index have reported third quarter earnings per share (EPS), which is the profit earned per...

 

Monday, November 6, 2017

­Weekly Market Commentary November 6, 2017 The Markets “Taxes are what we pay for a civilized society.” U.S. Supreme Court Justice Oliver Wendell Holmes’s statement is engraved on the front of the Internal Revenue...

 

Monday, October 30, 2017

Weekly Market Commentary October 30, 2017 The Markets The last full week of October was a box full of surprises. First, U.S. economic growth exceeded expectations. The devastation wrought by Hurricanes Harvey, Irma, and Maria was...

 

Monday, October 23, 2017

­Weekly Market Commentary October 23, 2017 The Markets And the hits just keep on coming. Last week was the anniversary of Black Monday. On October 19, 1987, the Dow Jones Industrial Average (Dow) lost 508 points,or more than 20...

 

Monday, October 23, 2017

November Insight TAX LOSS HARVESTING I can hear the wheels turning as you’re thinking, what in the world is tax loss harvesting? This is a method where you offset your taxable gains by “harvesting” losses in order to...

 

Monday, October 23, 2017

October Insight RULE OF 72 Be a part of DIFFERENT…... HOW LONG BEFORE MY MONEY DOUBLES? If you want to have a ball park idea of how long it will take your money to double, you can figure it out by the Rule of 72. This will only...

 

Monday, October 16, 2017

Weekly Market Commentary October 16, 2017 The Markets There’s a new kid in town: narrative economics. Last week, Richard Thaler was awarded the Nobel Prize in economics. His work in behavioral economics and finance recognizes not...

 

Monday, October 9, 2017

Weekly Market Commentary October 9, 2017 The Markets Slow and steady... It has been 332 days since the Standard & Poor’s 500 (S&P 500) Index experienced a 5 percent drop, reported Barron’s. If there isn’t a selloff on...

 

Monday, October 2, 2017

Weekly Market Commentary October 2, 2017 The Markets A lot happened during the third quarter of 2017, but not much changed. The bull market in U.S. stocks continued to charge ahead. Traditional measures of valuation continued to...

 

Monday, September 25, 2017

Weekly Market Commentary September 25, 2017 The Markets Geopolitics, what is it good for? Absolutely nothin'! In January, Robert Kahn of the Council on Foreign Relations wrote in Global Economics Monthly: “Markets showed...

 

Monday, September 18, 2017

­Weekly Market Commentary September 18, 2017 The Markets “In theory, there is no difference between theory and practice, in practice there is.” Yogi Berra was talking about baseball, but the concept also applies to...

 

Monday, September 11, 2017

Alert! Equifax Hack and What to Do. Credit agency Equifax announced yesterday that it suffered a data breach affecting 143 million U.S. consumers. The hack exposed names, Social Security numbers, addresses, birth dates, and...

 

Tuesday, September 5, 2017

Weekly Market Commentary September 5, 2017 The Markets When it comes to economic growth, the government doesn’t measure twice. It measures three times. Last week, the Bureau of Economic Analysis revised its initial estimate that...

 

Monday, August 28, 2017

Weekly Market Commentary August 28, 2017 The Markets Hope floats. Optimism about possible pro-growth economic policies, including tax reform and deregulation, helped U.S. stock indices finish higher last week, reported Barron’s...

 

Monday, August 21, 2017

Weekly Market Commentary August 21, 2017 The Markets Here, there, and everywhere… Markets around the world appear to be benefiting from global economic recovery. After pointing out the United States’ economy is the heart...

 

Monday, August 14, 2017

­Weekly Market Commentary August 14, 2017 The Markets North Korea may be a little country, but it can churn up big trouble. The possibility that verbal hostilities between the United States and North Korea could trigger...

 

Monday, August 7, 2017

Weekly Market Commentary August 7, 2017 The Markets Who’s been buying shares of company stock? Since the start of the bull market in 2009, U.S. companies have been buying their own stock. Stock buybacks peaked during the first...

 

Monday, July 31, 2017

Weekly Market Commentary July 31, 2017 The Markets There was some good news and some bad news last week. First, the good news: Thanks to consumer spending and an upturn in federal government spending, the U.S. economy grew faster from...

 

Tuesday, July 25, 2017

Weekly Market Commentary July 24, 2017 The Markets Do we have central banks to thank? Low interest rates, accommodative monetary policy, and improving economic growth have helped stock markets around the world reach record highs,...

 

Monday, July 17, 2017

­Weekly Market Commentary July 17, 2017 The Markets It was a good week for a lot of stocks but not bank stocks. The Standard & Poor’s 500 (S&P 500) Index and the Dow Jones Industrial Average(DJIA) both finished at record...

 

Thursday, July 13, 2017

July Monthly Insight: FUN IN RETIREMENT DREAM A LITTLE….it’s Friday afternoon, you’re done with work, and you have the weekend ahead of you. Let’s go one more step…..you’re saying your final...

 

Monday, July 10, 2017

­Weekly Market Commentary July 10, 2017 The Markets Things you may want to know… Last Friday, Financial Times(FT) published, ‘Five markets charts that matter for investors.’ Among theissues addressed in the...

 

Wednesday, July 5, 2017

Weekly Market Commentary July 3, 2017 The Markets This is the way the quarter ends – with a central bank scare. Central bankers are stodgy. They speak carefully. For many, reading the words ‘Federal Reserve’is enough...

 

Monday, June 26, 2017

­Weekly Market Commentary June 26, 2017 The Markets It has been a very good year, so far. Through the end of last week, the Standard & Poor’s 500 Index posted 24 record highs and delivered returns in the high single digits....

 

Tuesday, June 20, 2017

Weekly Market Commentary June 19, 2017 The Markets All eyes on inflation! Inflation is the way economists measure changes in the prices of goods and services. The United States has enjoyed relatively low inflation for a significant...

 

Wednesday, June 14, 2017

JUNE MONTHLY INSIGHT: WHAT DOES DAD MEAN TO YOU? Whether we are 5, 25, or 50, Dad plays a vital role in our lives. This Father’s Day, share the following letter from an unknown source to let your dad know how special he is in...

 

Monday, June 12, 2017

­Weekly Market Commentary June 12, 2017 The Markets Stock market historians may dub 2017 the Xanax year. Traditional historians will probably choose a different moniker. Stock markets in many advanced economies have been unusually...

 

Monday, June 5, 2017

Weekly Market Commentary June 5, 2017 The Markets The bull market in U.S. stocks is getting really old! In fact, this bull has been charging, standing, or sitting for more than eight years. In April, it became the second longest bull...

 

Tuesday, May 30, 2017

Weekly Market Commentary May 30, 2017 The Markets Is preparing for the future more important than enjoying the present? There is a lot to enjoy today. Last week, Financial Times wrote: “Wall Street ended an impressive week on a...

 

Monday, May 22, 2017

Weekly Market Commentary May 22, 2017 The Markets How much is too much? There has been no shortage of drama since the new administration took office – legislative setbacks, controversial hiring and firing, and fiery tweets on...

 

Monday, May 15, 2017

Weekly Market Commentary May 15, 2017 The Markets Does performance tell the whole story? American stock markets have delivered some exceptional performance in recent years.Just look at the Standard & Poor’s 500 (S&P 500) Index....

 

Monday, May 8, 2017

­Weekly Market Commentary May 8, 2017 The Markets Is it complacency? Exuberance? Uncertainty? Exhaustion? Insight? Intuition? Last week, all three major U.S. stock markets gained value and two reached new record highs. On the face...

 

Monday, May 1, 2017

­Weekly Market Commentary May 1, 2017 The Markets It was a good week to own stocks. Not all financial news was good news last week, but that didn’t prevent U.S. stock markets from moving higher. Barron’s reported on the...

 

Monday, April 24, 2017

Weekly Market Commentary April 24, 2017 The Markets Last week, investors multi-tasked, pushing both U.S. bond and stock markets higher. In March, the Federal Reserve raised the Fed funds rates for the second time in three months....

 

Monday, April 17, 2017

Weekly Market Commentary April 17, 2017 The Markets And the survey said... In late 2016, Natixis Global surveyed 500 institutional decision makers representing corporate pension plans, public pension plans, sovereign wealth funds,...

 

Monday, April 17, 2017

LIFE IS EVERCHANGING What should you do if your financial objectives change? Plain and simple, notify your financial advisor. Why is that important? It’s important because you and your advisor have worked out a financial...

 

Monday, April 10, 2017

Weekly Market Commentary: April 10, 2017 The Markets U.S. stock markets are sending mixed signals. If you look at the performance of the CBOE Volatility Index (a.k.a. the VIX or fear gauge), which is a measure of market expectations...

 

Monday, April 3, 2017

Weekly Market Commentary: April 3, 2017 The Markets Happy birthday! Toward the end of the first quarter, the bull market celebrated its eighth birthday. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management wrote:...

 

Monday, March 27, 2017

Weekly Market Commentary: March, 27th, 2017 The MarketsYou’ve read it before – and it’s true. Markets hate uncertainty. Failure to pass the American Healthcare Act, which was supported by Republican leaders in...

 

Monday, March 20, 2017

Weekly Market Commentary: March 20, 2017 The Markets Three steps and no stumble… Technical analyst Edson Gould developed a market rule of thumb known as ‘three steps and a stumble.’ It states stock prices may fall...

 

Tuesday, March 14, 2017

Weekly Market Commentary March 13, 2017 The Markets Rate hike ahead…maybe. Last week’s U.S.employment report was better than expected. The United States added 235,000 jobs in February, which was a few more than economists...

 

Tuesday, March 7, 2017

Weekly Market Commentary, March 6, 2017 The Markets It was a grand slam. Major U.S. stock markets were positively euphoric following President Trump’s speech on February 28. Optimism about the new administration’s...

 

Monday, February 27, 2017

­Weekly Market Commentary February 27, 2017 The Markets Once upon a time, five blind men discovered an elephant. Each man examined a different part of the elephant and formed a unique impression about the animal. One believed an...

 

Wednesday, February 22, 2017

Weekly Market Commentary: February 21, 2017 The Markets Up! Four major U.S. benchmark stock indices closed at record highs for four consecutive days during Valentine’s Day week, reported Financial Times (FT). To date, positive...

 

Monday, February 13, 2017

­Weekly Market Commentary - February 13, 2017 The Markets What’s the word ‘phenomenal’ worth? It all depends on who says it. Barron’s shared Wilshire Associates’ calculations which indicated the word...

 

Monday, February 6, 2017

Weekly Market Commentary February 6, 2017 The Markets U.S. stock markets were unsettled last week. President Trump's executive order banning travel from seven predominantly Muslim countries to the United States for 90 days, in tandem...

 

Monday, January 30, 2017

­Weekly Market Commentary January 30, 2017 The Markets An historic moment for U.S. stock markets… The Dow Jones Industrial Average surpassed 20,000 last week. Barron’s cautioned investors not to make too much of the...

 

Monday, January 23, 2017

Market Week: January 23, 2017 The Markets (as of market close January 20, 2017) For most of last week, the market was fairly lackluster. By the close of the market last Thursday, the Dow had fallen to 19,732. However, equities rallied...

 

Wednesday, January 18, 2017

Video: Let's Look Forward What does your financial future look like? Are you prepared for the goals and dreams? Would you like to have a better understanding of what the future might hold? Check out this video and give us a call to...

 

Tuesday, January 17, 2017

Video: The Speed of Access The ability to access your financial data in a timely and secure way had grown from a novelty to a necessity. With our financial lives growing more complex it is imperative to have the right tools to access...

 

Tuesday, January 17, 2017

Market Week: January 16, 2017 The Markets (as of market close January 13, 2017) The past few weeks have seen the markets experience some volatility following several weeks of post-election gains. The Dow fell for the second time in...

 

Tuesday, January 10, 2017

Market Week: January 9, 2017 The Markets (as of market close January 6, 2017) The markets regained their swag as each of the indexes listed here posted week-over-week gains at the close of the first week of the new year. The Dow...

 

Wednesday, January 4, 2017

Market Week: January 2, 2017 The Markets (as of market close December 30, 2016) The Dow suffered its first weekly loss since the presidential election, and each of the indexes listed here closed the last week of 2016 on the down side....

 

Wednesday, January 4, 2017

Overview The year 2016 likely will be remembered for the election of Donald Trump as the 45th president of the United States and the Brexit vote. This year also saw the Fed raise interest rates for the first time since last December,...

 

Tuesday, December 27, 2016

Market Week: December 26, 2016 The Markets (as of market close December 23, 2016) The Dow reached its seventh consecutive week of gains as it nears 20000. As it stood at the close of last week, the Dow was about 66 points away from...

 

Monday, December 19, 2016

 

Monday, December 19, 2016

Market Week: December 19, 2016 The Markets (as of market close December 16, 2016) The fallout from the increase in the federal funds rate saw bond yields rise, with the yield on 10-year Treasuries hitting a 2-year high. Bond prices...

 

Monday, December 12, 2016

Market Week: December 12, 2016 The Markets (as of market close December 9, 2016) Following a week of tepid movement in the major stock market indexes, equities picked up the pace last week, reaching new record highs. Growth in...

 

Monday, December 5, 2016

Market Week: December 5, 2016 The Markets (as of market close December 2, 2016) Robust gains that marked the last few weeks turned to modest declines last week. Gains in energy shares following OPEC's announcement to cap production...

 

Monday, November 28, 2016

Market Week: November 28, 2016 The Markets (as of market close November 25, 2016) Based on the performance of stock market indexes, it was another banner week for equities amidst slow trading volume. The Dow, S&P 500, Russell 2000,...

 

Wednesday, November 23, 2016

Market Week: November 21, 2016 The Markets (as of market close November 18, 2016) Treasury yields continue to climb as the 10-year rate jumped 20 basis points for the week while exceeding last year's closing yield for the first time...

 

Monday, November 14, 2016

Market Week: November 14, 2016 The Markets (as of market close November 11, 2016) The markets climbed at the beginning of last week as money moved from bonds (yield on 10-year Treasuries gained 5 basis points) to equities. The Dow...

 

Monday, November 7, 2016

November Insight FEAR OF THE UNKNOWN Fear of the unknown can sometimes cause investors to make emotional decisions about their investments instead of rational ones! You’re probably getting sick of hearing this from us, but...

 

Monday, November 7, 2016

Market Week: November 7, 2016 The Markets (as of market close November 4, 2016) Even a good jobs report wasn't enough to steady investors last week, as each of the indexes listed here lost value from the prior week. Oil prices fell...

 

Thursday, November 3, 2016

IRA and Retirement Plan Limits for 2017 IRA contribution limits The maximum amount you can contribute to a traditional IRA or Roth IRA in 2017 is $5,500 (or 100% of your earned income, if less), unchanged from 2016. The maximum...

 

Monday, October 31, 2016

Market Week: October 31, 2016 The Markets (as of market close October 28, 2016) As the presidential election draws near, news about the candidates may be affecting the markets. Word of an FBI investigation into more Clinton emails,...

 

Monday, October 24, 2016

Market Week: October 24, 2016 The Markets (as of market close October 21, 2016) Last week began with a whimper as equities closed down (the Dow fell 0.3%), while the 10-year Treasuries yield dropped 4 basis points and bond prices...

 

Monday, October 17, 2016

Market Week: October 10, 2016 The Markets (as of market close October 14, 2016) Oil prices reached a one-year high early last week, as Russia expressed its support of OPEC in its efforts to limit production, prompting stocks to post...

 

Monday, October 10, 2016

Market Week: October 10, 2016 The Markets (as of market close October 7, 2016) Equities took a tumble early last week as the Dow, the Nasdaq, the S&P 500, and the Russell 2000 lost value. Only the Global Dow saw gains, largely feeding...

 

Monday, October 3, 2016

Market Week: October 3, 2016 The Markets (as of market close September 30, 2016) Last week equities started off well enough, still feeding off the Fed's decision to leave interest rates alone for the time being. But fear of financial...

 

Monday, September 26, 2016

Market Week: September 26, 2016 The Markets (as of market close September 23, 2016) Buoyed by news from the Fed and the Bank of Japan that measures intended to stimulate the economy would continue — at least in the short term...

 

Wednesday, September 21, 2016

We hope you can join us at our complimentary year end planning seminar. Michael Anderson, CPA and Brett Clancy, Esq. and I will be presenting will be sharing tips, tricks and strategies you may be able to implement in your year end...

 

Monday, September 19, 2016

Market Week: September 19, 2016 The Markets (as of market close September 16, 2016) Volatility in the markets reigned last week as each of the indexes listed here enjoyed gains early in the week, only to give most of them back by last...

 

Monday, September 12, 2016

Market Week: September 12, 2016 The Markets (as of market close September 9, 2016) Equities indexes rebounded early last week as lackluster economic reports in the labor and manufacturing sectors, coupled with a falling dollar, appear...

 

Wednesday, September 7, 2016

Market Week: September 6, 2016 The Markets (as of market close September 2, 2016) Trading continues to be light heading into the Labor Day weekend. Stocks finished modestly higher for the week, buoyed by last Friday's favorable...

 

Monday, August 29, 2016

MARKET WEEK: AUGUST 29, 2016 The Markets (as of market close August 26, 2016) As the "dog days" of summer drag on, trading continues to be relatively light. Oil prices fell at the beginning of last week amid rumors that Iraq may up...

 

Monday, August 22, 2016

MARKET WEEK: AUGUST 22, 2016 The Markets (as of market close August 19, 2016) By the close of last Monday, the Dow, S&P 500, and Nasdaq each had reached record highs for the second time in the past week, only to retreat by Tuesday's...

 

Monday, August 15, 2016

MARKET WEEK: AUGUST 15, 2016 The Markets (as of market close August 12, 2016) Talk of a possible cut in oil production following news of an informal meeting of OPEC next month sent energy stocks higher at the beginning of last week....

 

Monday, August 8, 2016

MARKET WEEK: AUGUST 8, 2016 The Markets (as of market close August 5, 2016) Oil prices continued to fall early last week, sending large-cap indexes lower. As the week progressed, oil prices gained some momentum, as did U.S. stock...

 

Monday, August 1, 2016

THE DOW JONES…….THE MARKET If you listen to the news, everyday you hear a news anchor say “And the Dow was…..(fill in the blank!). What is the Dow and what does it mean? The Dow Jones Industrial Average is...

 

Monday, August 1, 2016

MARKET WEEK: AUGUST 1, 2016 The Markets (as of market close July 29, 2016) The large-cap indexes cooled off a bit last week, particularly influenced by a somewhat disappointing GDP growth rate for the second quarter and lackluster...

 

Monday, July 25, 2016

MARKET WEEK: JULY 25, 2016 The Markets (as of market close July 22, 2016) The S&P 500 reached a record high last Friday as each of the indexes listed here posted marginal gains over the prior week. Equities have demonstrated a positive...

 

Thursday, July 21, 2016

Investment Insight: Many People Don't Plan for the Reality of Retirement Many of us aren’t addressing the realities of retirement planning. Here are some of the worst mistakes being made today. Underestimating life...

 

Monday, July 18, 2016

MARKET WEEK: JULY 18, 2016 The Markets (as of market close July 15, 2016) Stocks continued to surge for the third week in a row as each of the indexes listed here posted significant gains by last week's end. The Dow gained almost 370...

 

Monday, July 11, 2016

Market Week: July 11, 2016 The Markets (as of market close July 8, 2016) Equities continue to put the upheaval caused by Brexit in the rearview mirror as several of the indexes listed here are above their 2015 closing values. Of those...

 

Tuesday, July 5, 2016

MARKET WEEK: JULY 5, 2016 The Markets (as of market close July 1, 2016) The beginning of the week saw equities still reeling from the Brexit vote. However, the markets closed with a flourish, recouping all of the losses from the prior...

 

Monday, June 27, 2016

MARKET WEEK: JUNE 27, 2016 The Markets (as of market close June 24, 2016) The Brexit referendum vote sent a tidal wave of negative returns throughout the world's stock markets, including the indexes listed here. The large-cap Dow lost...

 

Monday, June 20, 2016

MARKET WEEK: JUNE 20, 2016 The Markets (as of market close June 17, 2016) The Fed maintained interest rates at their current level following last week's meeting, primarily influenced by May's mundane employment report. That, coupled...

 

Wednesday, June 15, 2016

How Much Does a Mutual Fund Really Cost? Often, it can be difficult to see what one is actually paying for inside of their investments. Mutual Funds are no exception. Below are some of the costs that are associated with mutual funds,...

 

Wednesday, June 15, 2016

Market Week The Markets (as of market close June 10, 2016) The major market indexes listed here were relatively flat for the week. Despite gains earlier in the week, losses Thursday and Friday wiped out most of the positive returns. By...