For Our Clients
Investment Outlook Archives
July 2010
BALANCING ACT
The first half of 2010 has been frustrating for most investors, as support for the massive relief rally of 2009 waned, and fears of systemic risk (this time at the sovereign level) returned.
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June 2010
the latest bubble
Global equity indexes plummeted 8% - 10% in May, volatility surged and the credit markets struggled to digest the unfolding, eerily familiar debt crisis in Southern Europe.
To read this Investment Outlook in its entirety, download the PDF
May 2010
Correction or Bear Market?
Investors have endured two painful bubbles in the past decade, each resulting in peak to trough drops of fifty percent or more in equity prices. First, in technology related equities (we note that the Nasdaq Composite Index is still trading at less than half its high of 5049, reached in March 2000*); second, fresh in our memories and only tentatively stabilized, a gross misallocation and mispricing of credit, especially for consumers (houses, cars, flat screen TVs, etc.), fomenting and institutionalizing leverage to an extraordinary degree.
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April 2010
more with less
The global equity markets rose modestly in the first quarter of 2010, grinding higher despite skepticism that 2009’s strong performance would continue, with the US outperforming most other regions. After a rocky start, sentiment generally became more favorable as consumer data, including job growth, improved along with corporate earnings.
To read this Investment Outlook in its entirety, download the PDF
March 2010
dormant capital
US households reacted swiftly to the crash in equity prices in 2008 by boosting savings and dramatically cutting spending. Though many markets have rallied more than 70% off their lows, there has not been a concurrent rise in equity investment, as retail investors have been reluctant to embrace risk.
To read this Investment Outlook in its entirety, download the PDF