Category: Asset Allocation

2024 Investment Outlook

If ever there was a period that demonstrated how the stock market interpreted the phenomenon of an economic cycle, it was the past two calendar years. Largely driven by interest rate policy from our Federal Reserve, both stocks and bonds have retraced and advanced, gaining little ground since the end of 2021. But while investment performance may have been largely muted, the economic and geopolitical environment underpinning financial markets has been tumultuous. In this commentary, we will explore the lasting impacts of the pandemic era, where we currently sit in the economic cycle, and the implications for portfolio positioning going forward.

2023 Mid-Year Update

In our last commentary, we suggested that a higher-for-longer interest rate environment, flattening global growth, and fears of an impending recession would put pressure on equities over the short-term. While we still hold that perspective, we were clearly a bit early in expressing that view and have been a bit surprised by the level of optimism and enthusiasm of late. The tug-of-war between fundamental investors respectful of traditional econometrics, and momentum strategies that embrace a psychology of exuberance and complacency with risk, has favored the latter.

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2021 Mid-Year Update

Please click below to view our Mid-Year Update:

2021 Investment Outlook: Embracing Diversification and Managing Risk Amidst Global Uncertainty

Please click below to read our views on a tumultuous 2020 and what to expect in 2021.

2020 Mid-Year Update