Publications, Insights, & News

We have officially closed the book on the fourth quarter and with it calendar year 2019, which was the best year for US equities since 2013 as the S&P 500 (SPX) notched a price return of 28.88% for the year. With such a large gain last year, many investors may be wondering if the domestic equity market has any steam left or if we’re in store for a lackluster 2020. There is, of course, no way to be certain what the next year holds; however, it is worth noting that just looking at the calendar year return of the S&P may not give us the full picture...

The United States’ airstrike January 3, 2020, near Baghdad, Iraq, that killed a top Iranian military general was a major escalation in Mideast tensions. Iran’s retaliatory strike January 8 sent a message, but additional responses can’t be ruled out. We discuss what this conflict might mean for stocks and assess ongoing risks...

As we begin 2020, we’ve had a chance to reflect on what was an unprecedented decade for financial markets. The 2010s taught long-term investors two important lessons: to ignore short-term market noise and to be prepared for volatility. It was a curious time, but many investors who followed the basic principles of long-term investing and diversification ultimately triumphed...

Clarity from the phase-one trade deal with China and United Kingdom election results could help shift stock market performance drivers more toward investing fundamentals in 2020. We expect stocks to appreciate in line with earnings growth next year, which justifies benchmark-like equity allocations in our view...

Happy Holidays! I recently came across a story that, to me, is a perfect example of what this season is really all about. I thought you might like to read it, too...

2019 was a baffling year for bonds. The 10-year U.S. Treasury yield fell to a three-year low, and the yield curve flashed ominous signals about the economic outlook. We’ve seen some improvement in long-term yields since the September low, but we don’t expect much more upside in 2020. However, bonds can still play an important role in helping to diversify portfolios where appropriate.