Investment Outlook

Tall Buildings with American Flag and Blue Sky

Markets Optimistic about the Future as Economic Pain Deepens

May 26, 2020

We are still overweight U.S. large caps, believing winners will win until a broad-based economic recovery takes hold. Our preference for investment grade U.S. bonds remains; also, we now see opportunities among high yield bonds.

Globe on Puzzle

The End of One Cycle Marks the Beginning of Another

April 28, 2020

Recent market dislocation has created an opportunity to reposition portfolios to capitalize on the new business cycle.

City at Sunset

Risk-Assets Reprice in Crowded Flight to Safety

March 19, 2020

We consider the coronavirus outbreak a temporary shock, inducing a technical recession but not fundamentally impairing productive capacity.

All Eyes on the Consumer

May 11, 2020

While there are many parallels to draw between the current crisis and 2008, the fundamental economic backdrop that preceded COVID-19 was starkly different than the economic environment that preceded the 2008 crisis.

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Risk-Assets Reprice in Crowded Flight to Safety

March 19, 2020

We consider the coronavirus outbreak a temporary shock, inducing a technical recession but not fundamentally impairing productive capacity. Considering this and an expanded equity risk premium, we see stocks as more attractive than bonds.

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Coronavirus Shock Introduces New Layer of Uncertainty

February 27, 2020

We continue to believe the economies of China, Europe and Japan are in the process of reaccelerating. Although the coronavirus alters the near-term outlook for Asia, underlying market fundamentals historically have prevailed once an outbreak subsides.

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