March – 2016 Newsletter

As the weather has begun to warm, so have the equity markets, posting a stellar March return. Unfortunately, as the graphs below will indicate, it has been a thin market with low volume. From 1994 through to 2002, the S&P 500 had a tremendous increase in trading volume with a peak of 432 billion shares in 2002 and materially above-average returns during the ‘90’s. However, post the 2008-crisis trading volume on the S& P500 has fallen back to pre-1994 levels.