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Investment Outlook Archives
April 2008
back from the abyss
Many investors contend that the Federal Reserve’s March 2008 historic intervention to restore confidence and liquidity to the global capital markets was a seminal event, representing a distinct turning point for global equities. While the risk of a systemic meltdown has probably been avoided, we feel that the problems of excess leverage, falling asset values, frozen credit markets and overextended US consumers remain largely unresolved.
To read this Investment Outlook in it's entirety, download the PDF 
March 2008
no quick fix
The first two months of 2008 have been one of the most challenging investment periods in recent memory. The downturn in the credit markets that began last August has shown little sign of improving. Major parts of the credit markets remain "frozen" and in far worse shape than six months ago, even though short-term interest rates have dropped precipitously.
To read this Investment Outlook in it's entirety, download the PDF 
January 2008
A Matter of perspective
It has become clear that the days of plentiful, cheap credit and markets awash with liquidity are behind us. Inexpensive debt leverage, having fueled sky high real estate values and capital market excesses, is now unwinding across all financial markets. This has resulted in a very painful experience for the financial markets in the first trading days of 2008.
To read this Investment Outlook in it's entirety, download the PDF