Market Commentary 12/31/17

Catch-22 Revisited

The satirical novel by Joseph Heller, Catch-22, exposed the absurdity of bureaucratic systems, especially in the military.  The novel, set during World War II, revolves around the experiences of Captain John Yossarian, a B-25 bombardier in the fictional 256th Squadron, who desperately wants to finish his tour of duty and get home safely.  The “Catch-22” is the logical absurdity that the only way to get out of flying more combat missions is to be crazy, but since only a crazy person would want to fly more missions, anyone asking to be relieved of flying cannot be crazy and therefore must fly more missions.

I previously used the Catch-22 to describe the markets in December 2009.  Stocks were riding a wave of economic stimulus, up substantially from the lows set during the financial crisis of the previous year.  Given this impressive move, there were real concerns that the markets were overextended, that investors were overestimating the potential for an economic rebound, and that interest rates were poised to rise due to a massive increase in government borrowing.  Now, eight years later, the S&P 500 is up more than 140% from those levels and we are confronted with a similar quandary.

More >



> Manor Fund
> Growth Fund
> Bond Fund
> Performance
> Fund Fact Sheets
> Prospectus
> Fund Information
Established in 1994, Morris Capital Advisors, LLC, provides Conservative Growth-Oriented Investment Management and Distinctive Service for selected clients.

We build long-term successful client relationships through:
  • Sound investment strategies.
    Built on a rigorous analytical process with a long-term horizon, supplemented by an experienced view of the markets
  • Client-driven approach.
    Based on a clear understanding of client goals and objectives, and active and ongoing client communications


> Learn more about Morris Capital Advisors, LLC



> Download our Newsletter

Our promise
Seek to produce consistent, competitive returns, with the goal to help eliminate the conflicts of interest that can often negatively impact results.

Our goal
Maintain a client-driven firm clearly focused on the needs and objectives of each client, owned by principals believing in what we do, investing together with clients in a true partnership relationship.

Privacy | Disclaimer | Directions | Contact Us | Morris Capital Advisors, LLC | 15 Chester Commons, Malvern, PA 19355 | phone: 610-722-0900 | toll-free: 800-787-3334 | fax: 610-725-8003

Morris Capital Advisors serves as the investment advisor to the Manor Investments Funds and receives a fee for its services.Shares of the Manor Investment Funds are distributed by Foreside Fund Services. FFS is not affiliated with Morris Capital Advisors or Manor Investment Funds.