Gameplan For A Market Hangover

The first quarter picked up where the fourth quarter left off, with equity markets celebrating the surprise of a new U.S. administration that global investors perceived to be more business friendly than the previous one. During the quarter, stocks rallied around the world and along with a pullback in the U.S. dollar and signs that…

Hangovers & Roadmaps

2016 began with a thud and ended with a bang. After one of the worst-ever starts to a year, U.S. stocks managed to rebound and ultimately finish the year with solid gains. Much of the rise came in the final few weeks of the year, following the surprising results of the U.S. presidential election. Indeed,…

Investing in A Post-Brexit World

After a tumultuous first quarter, the second quarter brought some relief as most assets were able to rebound to varying degrees. From a big picture perspective, U.S. stocks have been oscillating in a wide range that dates back to the fourth quarter of 2014. In other words, for the last year and a half, stocks…

A Time for Caution

The third quarter came in like a lamb and went out like a lion, as the return of volatility hit risk assets hard across the globe. As in previous quarters, emerging market stocks and commodities suffered double digit declines as markets continue to deal with the end of the commodity super-cycle and the mix of…

Pondering Halftime Adjustments

At the beginning of the year, we wrote about an aging bull market that we thought could be ridden, but with the caveat that one wouldn’t want to take too much risk given the magnitude of the move, current valuation levels in the U.S., and an overall evidence profile that was clearly mixed with pockets…