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Investment Perspective

The information contained in the commentaries has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy. The opinions expressed are subject to change from time to time and do not constitute a recommendation to purchase or sell any security nor to engage in any particular investment strategy.

  • Investment Perspective: 4th Quarter 2014

    Oil Lang Syne For the United States, 2014 was unquestionably a year of continued recovery. The economy gained traction as consumer and business confidence both improved. U.S. stock prices recorded new highs, aided by loose monetary policy and the recognition that the economic recovery had become self-sustaining. Many other regions, however, continued to struggle....
  • Investment Perspective: 3rd Quarter 2014

    Fall Breather How quickly things can change. A healthy dose of fear began to grip the stock market as summer turned to fall. This comes after an unusually calm period, at least for the broader averages. During much of the spring and summer, trading remained light and volatility was subdued, as stocks pushed higher. The mood changed in...
  • Investment Perspective: 2nd Quarter 2014

    The Spirit of 17,000 and ’76 The Dow Jones Industrial Average crossed over the 17,000 threshold on July 3rd. The next day, Americans celebrated Independence Day to mark the anniversary of our emergence as a sovereign nation. Judging by the price action of the past eighteen months, stocks seem to be declaring that they too have broken free of...
  • Investment Perspective: 1st Quarter 2014

    Spring forward after falling back This spring marks the five-year point since the lows of the seminal 2007-09 stock collapse. The road back has been littered with economic and financial challenges. For many investors, it may not feel like a significant bull market, because they have been focused on just clawing back to even. But, in fact, the broad stock market averages are up 175%…
  • Investment Perspective: 4th Quarter 2013

    Lucky ’13 Sets The Stage The U.S. stock market navigated through significant cross currents to produce very robust returns last year. In practice, it seems the market often works to confound the most people. And it had been difficult for many to be optimistic about prospects coming...
  • Investment Perspective: 3rd Quarter 2013

    Fall Is In The Air Autumn has arrived, and many creatures have been making dutiful preparations to survive the winter months. But not all are so inclined, particularly our political leaders. Indeed, along with crisper air temperatures and more vibrant colors, it would just not feel like fall without the annual Washington squabbles to fund the federal government and increase...
  • Investment Perspective: 2nd Quarter 2013

    Will The Cicadas Wake The Bears? After six months of steady stock market gains and relative calm, volatility suddenly reawakened like the cicada, creating quite a buzz. Stock and bond markets both sold off late in the quarter. The main cause of this renewed angst? Fears that the Federal Reserve may be ending the era of free money.
  • Investment Perspective: 1st Quarter 2013

    The Bear Went Over The Mountain It has been a long time coming. In March, the S&P 500 Stock Index revisited its 2007 peak levels, finally recovering the losses from the Great Financial Meltdown. It has taken almost 5½ years. The Dow Jones Industrial Average also reached new highs. Never mind "Dow 36,000," it is a relief that the measure moved back above 14,000.
  • Investment Perspective: 4th Quarter 2012

    What Could Go Right? A tumultuous 2011 ended with U.S. stock market indexes clawing back to near their opening levels. It was a hopeful end to an otherwise frustrating year. Investor sentiment swung between hope and despair, depending on the news of the day. This lack of conviction defined the backdrop and set the stage for a volatile, but range-bound market.
  • Investment Perspective: 3rd Quarter 2012

    Politics Over a Cliff Stock markets generally rallied in the third quarter, continuing their schizophrenic moves between fear and hope. The stage had been set for a rebound, thanks to the high level of pessimism this year. As the saying goes, the market often acts to confound the most people, and it has certainly been difficult to find many bulls. Further accommodation by both the…