Quarterly Market Outlook

Fourth Quarter, 2018

The stock market has been “re-liquefied” in January and is off to one of the strongest starts in decades, especially for small capitalization stocks that have “melted up.” The other good news is that unlike the third-quarter announcement season where the stock market was worried about non-earnings-related macro issues, like the Fed interest rate increases and the China trade dispute, so far in 2019, stocks are largely responding positively to their quarterly announcements and guidance.

Investment Commentary & Outlook - January 29, 2019 The stock market has been “re-liquefied” in January and is off to one of the strongest starts in decades, especially for small capitalization stocks that have “melted up.” The other good news is that

unlike the third-quarter announcement season where the stock market was worried about non-earnings-related macro issues, like the Fed interest rate increases and the China trade dispute, so far in 2019, stocks are largely responding positively… Read More

Third Quarter, 2018

Our portfolios are now in the midst of another stunning earnings announcement season. Already, better than expected third-quarter earnings have been announced from Intuitive Surgical (ISRG), Netflix (NFLX), PayPal (PYPL), Progressive (PGR), and United Healthcare (UNH).

Investment Commentary & Outlook - October 26, 2018 Our portfolios are now in the midst of another stunning earnings announcement season. Already, better than expected third-quarter earnings have been announced from Intuitive Surgical (ISRG),

Netflix (NFLX), PayPal (PYPL), Progressive (PGR), and United Healthcare (UNH). Still, there is another major factor weighing on the overall stock market, namely the mid-term elections. On November 7th, in the wake of the mid-term elections, we expect… Read More

Second Quarter, 2018

Our growth and dividend stocks have been oscillating with the overall stock market recently, but we expect that one by one, as they post better than expected second- quarter sales and earnings that operational performance may translate in better price action.

Investment Commentary & Outlook - July 30, 2018 Our growth and dividend stocks have been oscillating with the overall stock market recently, but we expect that one by one, as they post better than expected second- quarter sales

and earnings that operational performance may translate in better price action. The following table from our friends at Bespoke shows what has been working for the first six months of 2018 in the S&P 500 when broken into deciles: Read More

First Quarter, 2018

Our Growth and Dividend Growth portfolios have rebounded impressively in recent weeks and have gotten off to a great start this announcement season. In the upcoming weeks we will be selling good stocks with decelerating earnings momentum and buying stocks with stronger forecasted earnings growth as well as “fat” net operating margins.

Investment Commentary & Outlook - May 8, 2018 Our Growth and Dividend Growth portfolios have rebounded impressively in recent weeks and have gotten off to a great start this announcement season. In the upcoming weeks we will be selling good

stocks with decelerating earnings momentum and buying stocks with stronger forecasted earnings growth as well as “fat” net operating margins. These high-margin companies should fare well in the bumpy summer months when the stock market becomes more… Read More

Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. These commentaries are for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of a security. Please read important disclosures at the end of each Market Outlook.