Quarterly Market Outlook

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

Fourth Quarter, 2017

We are in the midst of the strongest start to a year that we can remember. When we screen new stocks for our portfolios each week, we typically find a few good candidates per month. However, in the past couple of months, we have been overwhelmed with numerous new prospective new buys. What is happening is that the breadth and power of the overall stock market has expanded dramatically.

Investment Commentary & Outlook - January 25, 2018 We are in the midst of the strongest start to a year that we can remember. When we screen new stocks for our portfolios each week, we typically find a few good candidates per month. However, in

the past couple of months, we have been overwhelmed with numerous new prospective new buys. What is happening is that the breadth and power of the overall stock market has expanded dramatically. This is unprecedented, since normally as a stock market… Read More

Third Quarter, 2017

Our growth portfolios in the third quarter posted their strongest relative performance in several years and our international portfolios remain exceptionally strong. Our friends at Bespoke pointed out that through the third quarter this year, the top 10% of stocks in the S&P 500 with the most international revenues rose a stunning 28.41%! Additionally, the flow of funds into international stocks, especially ADRs, remains relentless.

Investment Commentary & Outlook - October 30, 2017 Our growth portfolios in the third quarter posted their strongest relative performance in several years and our international portfolios remain exceptionally strong. Our friends at Bespoke

pointed out that through the third quarter this year, the top 10% of stocks in the S&P 500 with the most international revenues rose a stunning 28.41%! Additionally, the flow of funds into international stocks, especially ADRs, remains relentless. A… Read More

Second Quarter, 2017

The June technology sell-off naturally rattled a lot of investors. This correction was very technical in nature and was partially triggered a few weeks ago when Nvidia (NVDA) gapped up as analysts raised their price targets, and as the stock essentially went parabolic on June 20th, some traders thought that it was time to take short-term profts in technology. Most of the technology sell-off was controlled by the algorithms that control short-term trading and High Frequency Trading (HFT) order flow. Since then, the technology heavy NASDAQ 100 (QQQ) has been having multiple retests of its near-term lows for a few weeks, and it appeared briefly that the technology sector had exhausted this technical selling pressure as trading volume dried up.

Investment Commentary & Outlook - July 12, 2017 The June technology sell-off naturally rattled a lot of investors. This correction was very technical in nature and was partially triggered a few weeks ago when Nvidia (NVDA) gapped up as

analysts raised their price targets, and as the stock essentially went parabolic on June 20th, some traders thought that it was time to take short-term profts in technology. Most of the technology sell-off was controlled by the algorithms that control… 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.