Quarterly Market Outlook

Second Quarter, 2019

Our growth stocks continue to steadily appreciate and exhibit significant relative strength compared to the S&P 500. In fact, our Large Cap Growth portfolio just posted its strongest performance relative to the S&P 500 and is leading all our other growth portfolios year-to-date, which are also having a good year. The portfolio turnover has also slowed, due to the recent relative strength that many of our stocks are exhibiting.

Investment Commentary & Outlook - July 24, 2019 Our growth stocks continue to steadily appreciate and exhibit significant relative strength compared to the S&P 500. In fact, our Large Cap Growth portfolio just posted its strongest

outperformance relative to the S&P 500 and is leading all our other growth portfolios year-to-date, which are also having a good year. The portfolio turnover has also slowed, due to the recent relative strength that many of our stocks are exhibiting.… Read More

First Quarter, 2019

Even though the S&P 500 is off to its strongest start in almost a decade, Lipper reported that stock mutual funds had outflows of $39.1 billion in the first quarter. Some of these outflows could have been attributable to ETFs capturing more market share, but the real reason appears to be that companies in the S&P 500 repurchased $227 billion of their outstanding stock in the first quarter according to FactSet.

Investment Commentary & Outlook - April 9, 2019 Even though the S&P 500 is off to its strongest start in almost a decade, Lipper reported that stock mutual funds had outflows of $39.1 billion in the first quarter. Some of these outflows could

have been attributable to ETFs capturing more market share, but the real reason appears to be that companies in the S&P 500 repurchased $227 billion of their outstanding stock in the first quarter according to FactSet. We should add that in the… Read More

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

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.