Fourth Quarter 2014 Newsletter

4Q 2014 Feature

Key Takeaways – As the year came to an end, a handful of big-picture issues dominated the investment landscape: the plunging price of oil, positive economic indicators in the United States relative to most of the globe, and the ongoing influence of central banks (a key effect of which has been to bolster stocks and [...]

Third Quarter 2014 Newsletter

3Q 2014 Feature

Key Takeaways – Global stock markets generally fell in the third quarter. While larger-company U.S. stocks actually finished the quarter with a modest gain of 1.1%, smaller-company stocks were down 7.4% and developed international and emerging markets also posted significant declines. However, we think the real news is what has happened in the last 4 weeks [...]

Second Quarter 2014 Newsletter

2Q 2014 Feature

Second Quarter 2014 Key Takeaways – Asset classes across the board rose in the second quarter despite lackluster global economic growth, an uncertain outlook for global monetary policy, and geopolitical tensions in Ukraine and Iraq. Larger-cap stocks were up 5.2% for the quarter and 7.0% for the year to date. Smaller-cap stocks lagged their larger-cap [...]

First Quarter 2014 Newsletter

1Q 2014 Feature

First Quarter 2014 Key Takeaways – Global markets experienced an up and down quarter but ended mostly positive despite developments such as Russia’s annexation of Crimea, further evidence that China’s growth is slowing amidst government efforts to manage a potential credit bubble, the changeover in Federal Reserve leadership, and a general continuation of the slow [...]

Fourth Quarter 2013 Newsletter

4Q 2013 Feature

Fourth Quarter 2013 Key Takeaways – We find ourselves with a more sanguine big-picture view, at least over the nearer-term, than we have had in some time. U.S. and global economic fundamentals gradually improved over the past year across a number of dimensions, and seem poised for continued improvement or at least stability in 2014. [...]

Third Quarter 2013 Newsletter

3Q 2013 Feature

Third Quarter 2013 Key Takeaways – The quarter ended with a surprising turn as the Federal Reserve’s much-anticipated shift toward tapering its monthly bond buying failed to materialize at its September meeting. Shortly thereafter, monetary policy was upstaged by fiscal policy as Congress clashed over the budget and veered toward a government shutdown (which began [...]

Second Quarter 2013 Newsletter

2Q 2013 Feature

Second Quarter 2013 Key Takeaways –  Federal Reserve policy has been a significant force driving market performance over the past few years and this was especially true during the second quarter as investors reacted to comments from Fed policymakers indicating the Fed might begin reducing its bond buying program sooner than had been expected. Against [...]

First Quarter 2013 Newsletter

1Q 2013 Feature

First Quarter 2013 Key Takeaways ——  U.S. stocks posted a robust 10.6% gain in the first quarter, beating both developed international stocks at +3.8% and emerging markets stocks, which lost -3.5%. Meanwhile, the broad bond market benchmark Barclays Aggregate Bond Index was nearly flat. Our portfolios faced market headwinds as a result of our positioning. Due to the [...]

Fourth Quarter 2012 Newsletter

4Q 2012 Feature

Fourth Quarter 2012 Key Takeaways   Stocks shrugged off numerous worries to log a very good year in 2012. The riskiest areas were the most profitable. Emerging-markets stocks earned 19%. In the U.S., mid- and small-cap stocks slightly outpaced large-cap stocks, 17% to 16%. The bond side also saw riskier asset classes out-earning traditionally safer [...]

Third Quarter 2012 Newsletter

3Q 2012 Feature

Third Quarter 2012 Investment Commentary Key Takeaways The third quarter was a risk-on period as markets reacted positively to global central bank moves to stimulate the economy. U.S. large-cap stocks were up 6% while core investment-grade bonds gained 1.5%, and from the stock market low on June 1, large-cap stocks were up 10.7% versus 1.6% [...]