A Broadening Rally
Despite wars, hurricanes and a contentious election, the market continues its historic rise, consistently hovering around all-time highs. Click here to read Newsletter.
Canal Capital Named to Inc. 5000
Canal Capital Management is pleased to announce that we have been selected to the Inc. 5000 list for 2024, our sixth year in a row. This is an annual ranking that consists of the fastest growing private companies in America. Canal came in ranked at number 4,790, and was one of only 36 Richmond businesses included on the list.
How the 2024 Inc. 5000 Companies Were Selected
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 through 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies–as of December 31, 2023. (Since the period under review, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. Growth rates used to determine rankings were calculated to four decimal places. All honorees must pass Inc. editorial review
Two Diverging Paths
The first half of the year is now in the books, and markets continued to perform well but were dominated by just a few names. For the first six months, the S&P 500 was up 14%, but 30% of that return was attributed to Nvidia which rose by 149% as the AI hype continued. Click HERE to continue reading out market update.
Election Guide
Click HERE to read more on our 2024 Election Insights.
Momentum
The first quarter turned out to be more of the same for markets, with stocks (S&P 500) up 10%, continuing the strong momentum of 2023. Any weakness only lasted a couple of days and investors bought the dip resulting in 22 all-time closing highs. Market leadership has shifted from just a few names to being broader based as 10 of the 11 sectors rallied. Click HERE to continue reading our market update.
When you least expect it…
Almost no one thought 2023 was going to be a phenomenal year for stocks, but nearly all markets rebounded with many up over 20% on the year. Just like the consensus opinion of the “experts” missed the dramatic declines of 2022, most were overly negative for 2023 and many were convinced of a recession that has yet to happen. Despite the fastest interest rate increase in three decades, a near banking collapse in March, and a new war in the Middle East, stocks are back to all-time highs. Click HERE to continue reading our market update.