Disconnecting … or Reconnecting?

The first half of the year has seen unprecedented volatility. We saw both the fastest bear market ever and the best 50-day return since 1933 in one single contiguous time period from late February to early June.

2020-07-30T10:53:17-07:00

No Place Like Home

Stocks delivered remarkably strong performance in 2019. A year that began shrouded in doom and gloom under the overhang of recessionary fears seemed to brighten with each passing month.

2020-04-07T22:38:40-07:00

Risk Aversion and Investor Sentiment

Global equity markets are up significantly in 2019 as they continue to rebound from last year's sharp selloff. The S&P 500 index reclaimed new highs on its way to a 19% gain in the first half of 2019, the Russell 2000 index of smaller companies rose by 17% and the global MSCI All Country index advanced by 14%.

2019-11-04T21:19:59-08:00

The Valuation Conundrum

Global equity markets are up significantly in 2019 as they continue to rebound from last year's sharp selloff. The S&P 500 index reclaimed new highs on its way to a 19% gain in the first half of 2019, the Russell 2000 index of smaller companies rose by 17% and the global MSCI All Country index advanced by 14%.

2019-07-20T00:21:12-07:00

Inversions, Recessions and Expansions

Global stock markets have seen a remarkable turnaround so far in 2019 from their lows in December. Two consecutive calendar quarters have rarely been so different in market sentiment or performance. The S&P 500 index plunged by –13.5% in the fourth quarter of 2018 on fears of an impending recession and concerns about a policy mistake by the Fed. Those worries have since dissipated as the index soared by +13.6% in the first quarter of 2019. In early April, equity indices have climbed back to within striking distance of their previous all-time highs.

2019-04-16T21:20:37-07:00

Growth Scare … Or a Recession?

As we embark on 2019, investors are still in a daze after a challenging few weeks in the global stock markets. Volatility picked up in early 2018, subsided in the middle of the year and then reached almost unprecedented levels in the fourth quarter. The number of outsized daily and intraday moves in December shot up dramatically and approached all-time highs.

2019-01-17T20:12:54-08:00

Decoupling of Global Growth

While we saw uniformly stronger growth around the world in 2017, we now observe divergent regional growth trajectories. On the heels of fiscal stimulus and deregulation, the U.S. continues to dominate the growth story. The rest of the world has struggled to sustain last year’s momentum for a myriad of reasons. We examine the more notable drivers for this divergence below.

2018-10-12T20:39:09-07:00

Goldilocks Trumps Tariffs

After an abnormally calm and placid 2017 in the global equity markets, a higher and more normal level of volatility has resurfaced in 2018. The year got off to a good start as the momentum from tax cuts pushed U.S. stocks higher by 8% in January. Investor focus shifted in early February to an uptick in inflation, a steady rise in interest rates and talk of tariffs and trade wars. Stock markets corrected by about 10% in February, retested those lows in March and have gone sideways in recent weeks.

2018-08-10T17:57:57-07:00

The Growth Conundrum

After an abnormally calm and placid 2017 in the global equity markets, a higher and more normal level of volatility has resurfaced in 2018. The year got off to a good start as the momentum from tax cuts pushed U.S. stocks higher by 8% in January. Investor focus shifted in early February to an uptick in inflation, a steady rise in interest rates and talk of tariffs and trade wars. Stock markets corrected by about 10% in February, retested those lows in March and have gone sideways in recent weeks.

2018-05-09T19:42:32-07:00