It has been a violent start to 2022 marked by volatility, war in Europe, and economic uncertainty. While the US appears to be largely insulated from much of the Russia/Ukraine economic headwinds, the impact of higher energy prices is weighing on economic growth and compounding inflationary pressures, just as the Fed embarks on a rate […]
Quarterly Newsletter
3Q21 Newsletter: A late-quarter stumble, but the recovery continues
Global growth optimism weakened in late-3Q sending equity markets lower and Treasury yields higher. That said we continue to see opportunity for growth in the global economy in the intermediate term as supply chain bottlenecks and labor market imbalances reset and adjust for persistently higher consumer demand. Inflationary pressure and fiscal uncertainty remain the biggest […]
2Q21 Newsletter: Reopening momentum outweighs inflation as equity markets make new highs
Equity markets reached new all-time highs in 2Q as the global economy continued to reopen. With widespread global vaccine rollouts investors are now looking past COVID and its impact on markets. To that extent the key concerns now are easing policy support and lingering inflation. To date inflationary concerns have largely been ignored by investors […]
1Q21 Newsletter: What a difference one year makes
The S&P 500 is up nearly 80% since March 23, 2020 (the COVID bear market bottom). The economic recovery is in full swing, and between stimulus checks, warm weather, and widespread vaccinations recovery momentum is likely to surge this summer; especially if the labor market recovery accelerates given reopening states and an uptick in services […]
4Q20 Newsletter: Markets end a volatile 2020 at all-time highs
2020 was one of the most volatile and chaotic years in market and economic history. And yet, despite all the volatility, by the end of 2020 markets had not only recovered from their dramatic decline in 1H20, but finished the year at fresh all-time highs, driven in part by the massive amounts of monetary and […]
2021 Market Outlook: The restart
Our 2021 market outlook theme is “restart”, and with a restart comes optimism and the chance to begin anew. There will be volatility and bumps along the way, but for those that are disciplined and able to look past them, we see more opportunities ahead for upside than downside.