2016 Q3 Market Letter
An unusually “quiet” August spawned new highs for U.S. stocks, but recent softness in economic data amid a contentious election season has given investors pause. Fundamentally, earnings have declined for five straight
Q3 2016 Investment Strategy Video
2016 Q2 Market Letter
Great Britain threw investors a curve ball with its vote to exit the 28-nation European Union. Leading up to the vote, equities and commodities strengthened in anticipation of just the opposite outcome, so the reaction in asset prices after the vote was predictable —stocks and commodities fell while bonds and gold rose.
Q2 2016 Investment Strategy Video
2016 Q1 Market Letter
What began as the worst start ever for stocks in early 2016 morphed into a market that recouped its early innings damage. As depicted in the accompanying chart, similarities between corrections observed last August and what just occurred are striking. In both cases, blue chip U.S. stocks fell by 12-13 percent because of growth scares emanating from China.
Q1 2016 Investment Strategy Video
Outlook 2016
Borrowing a theme from the 1993 comedy in which TV weatherman Phil Connors (Bill Murray) fi nds himself reliving the same day over and over again, we believe that the global economic backdrop in 2016 will be very similar to that of the past year. To that end, modest economic growth, tame
Q4 2015 Investment Outlook Video
2015 Q3 Market Letter
Concerns about flagging growth in China and the implications for a global economy already experiencing slow expansion led to a broad equity sell-off last quarter. The correction in the S&P 500 was arguably overdue since the U.S. had gone nearly four years without declining by 10 percent or more.
Q3 2015 Investment Strategy Video
Q3 2015 Investment Outlook Video
2015 Q2 Market Letter
Economic growth in the first half of the year was depressed by a severe winter, the west coast port strike and a plunge in oil companies’ capital spending. However, these temporary conditions have largely passed and led by housing, the economy is now clearly emerging from
Q2 2015 Investment Outlook Video
Market Letter First Quarter 2015
Please click here to find our Market Letter First Quarter 2015. We hope you find our economic insights interesting and informative.
2015 Q1 Market Letter
Volatility aside, 2015 is playing out much the way we anticipated. Europe’s central bank has graduated from talking about quantitative easing (QE) to actually delivering on it, and with $1.1 trillion of bond purchases planned for the next 18 months, markets
2015 Investment Outlook Video: Riding the Global Liquidity Peloton
We are pleased to present our 2015 Investment Outlook video titled, "Riding the Global Liquidity Peloton." Ralph Cole, CFA, executive vice president of research and Investment Policy Committee member, discusses what we believe will occur in the markets in 2015.
To view this 12-minute video, please click here or on the image below.
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Fourth Quarter 2014 Investment Outlook Video: Not Too Hot, Not Too Cold
We are pleased to present our Investment Outlook: Fourth Quarter 2014 video titled, "Not Too Hot, Not Too Cold." This quarter, Chief Investment Officer George Hosfield, CFA, addresses the factors contributing to recent market volatility and what that means for our outlook going forward.
To view our Investment Outlook video, please click here or on the image below.
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Investment Outlook Video: Third Quarter 2014
We are pleased to present our Investment Outlook: Third Quarter 2014 video titled, "Back on Track." This quarter, Chief Investment Officer George Hosfield, CFA, discusses how despite starting the year with a winter-induced swoon, the equity markets have nearly realized the “average annual return” that we predicted in January for the entire year. That said, we believe that an improving labor market, a strengthening economy, rising earnings, low interest rates and reasonable multiples provide a backdrop for further equity gains.
To view our Investment Outlook video, please click here or click on the image below.
jpeg of Q3 2014 Outlook video for email hyperlink
2014 Q2 Market Letter
Please click here to find our Market Letter Second Quarter 2014. We hope you find our economic insights interesting and informative.