Economic CommentaryEvery quarter, we summarize the main economic events and trends of the previous quarter as well as our expectations about the future, and send it to all of our clients in the form of an Economic Commentary.

Our chief investment officer, director of investment analytics and investment analysts research the equity and fixed income marketplace as well as the broader economy to better understand the trends affecting our clients’ portfolios.

We look at data from multiple sources including government,  investment management and private economic forecasting firms as well as academia and use it to make adjustments to the discretionary portfolios we manage. Our sources include BlackRock, The Economic Cycle Research Institute, Loomis Sayles, Nuveen Asset Management, Payden & Rygel, PIMCO and the U.S. Bureau of Economic Analysis.


Investment Perspectives Fourth Quarter 2016

The biggest event of the 4th quarter for us here in the U.S. and probably for those overseas as well, was the surprise election of Donald Trump as President. This is the second (or possibly the third) surprise election in 2016, the first being the Brexit vote that occurred back in June. As with the Brexit vote, the electoral victory of Donald Trump was greeted by a short-lived market swoon which was quickly retraced. Here in the US, the retracement was followed by a jump to new record highs in the markets, in what is now being called “the Trump rally”. But what’s behind this rally? Is it supported by economic growth, growth in earnings, or simply the hope that (now President) Trump’s economic policies will be enacted and effective? Read More

Investment Perspectives Third Quarter 2016

Has Brexit (the UK’s secession from the European Union) doomed Europe and the UK to future recession? If Donald Trump wins the presidential election, are the markets going to plunge? When will the Federal Reserve raise rates, and when they do, are we headed for another recession? Speaking of recession, aren’t we due for the next one in the United States; it’s been almost nine years? This is just a small sample of the questions we’re all asking and thinking about. Our short answer – no one knows for sure, but let’s take a deeper look and see if we can sort the important items from the sensational headlines. Read More

Economic Commentary First Quarter 2016

Investors experienced a turbulent roller-coaster ride to start 2016, ultimately resulting in a tale of two halves in the first quarter. Rampant volatility across US equity markets carried over from the end of 2015, sending markets down by as much as 10% initially. However, several of the themes that negatively dominated the month of January reversed course by March, resulting in the S&P 500 ending in positive territory as of March 31st. These themes included climbing oil prices, a rebounding energy sector, and a falling value of the U.S. dollar. Read More

Economic Commentary Fourth Quarter 2015

Fourth Quarter 2015 – Economic Commentary PDF