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Quarterly Commentaries

Rising Above Modest Circumstances – Q2 2017

Modest economic growth continues globally, even as we see little potential for acceleration. Seek opportunity in areas of the markets with cyclical or secular growth drivers and reasonable valuations.

Investors Feel Better, But Real Change Takes Time – Q1 2017

Investors refocus on fundamental growth opportunities as the political reality sets in – that a new administration’s policies almost always fall short of the hopes, fears, and campaign rhetoric that surround them. Expect continued moderate economic growth in the U.S. and challenges abroad.

A Moderate Extension of the Cycle – Q4 2016

Anticipated pro-growth policies in the U.S. may extend moderate economic growth, though a strong reacceleration is unlikely. We favor U.S. equity sectors with reasonably priced growth opportunities, while economically-sensitive sectors, yield-driven securities, and foreign markets face risks.

Looking at the Big Picture – Q3 2016

The U.S. economy has come a long way in the current expansion, thanks more to its duration than its pace. Risks have gone up, but we see room for continued slow growth ahead. Still, a sustained economic reacceleration is unlikely in the U.S. or abroad.

U.S. Economy Shows Its Maturity – Q2 2016

The U.S. economic cycle appears to be maturing, as areas of economic strength continue to narrow and structural challenges to international growth persist. Slower growth looks to be the most likely scenario, with increased risks for the more economically sensitive areas of the market.

Focus On Sustainability – Q1 2016

The economic backdrop continues to evolve in the U.S. and abroad, but the sharp market moves in Q1 were not commensurate with recent economic shifts. Continued slow-to-moderate growth is the most likely path forward, even as certain sectors face economic headwinds.

A Split Economy – Q4 2015

Consumer spending should drive U.S. economic growth even as energy-based businesses and other production-oriented firms struggle. This ongoing divided economic picture in the U.S. should produce moderate growth at home and contribute to unexciting global growth even as risks have risen.
The information contained within each report was current at the time the report was created and may change over time.