Global Portfolio Strategy | May 11, 2020

Global Portfolio Strategy | May 11, 2020

Investment Takeaways As May began, investors continued to try to reconcile the strong rebound in stocks with the devastating economic damage from COVID-19. Given the strength of the rally since the March lows, in our view, the risk of a correction in the short term...
Time For A Pause? | Weekly Market Commentary | May 11, 2020

Time For A Pause? | Weekly Market Commentary | May 11, 2020

Stocks have had a historic run amid increasingly negative headlines. Historically, stocks have tended to lead the economy, and while a second-half rebound may be likely, some equity weakness over the coming months is also possible. The historically worst six months of...
Client Letter | To Go But Up | May 7, 2020

Client Letter | To Go But Up | May 7, 2020

Dear Valued Investor, Investors like labels for the economy and financial markets—many of them with the word “great” in them. The Great Depression. The Great Recession. The Great Lockdown. Well, we’ve moved into what we might call the Great Disconnect. How can stocks...
What Happened to Oil| Weekly Market Commentary | April 27, 2020

What Happened to Oil| Weekly Market Commentary | April 27, 2020

Negative oil prices have dominated headlines recently. A combination of oversupply, lack of demand, and a lack of storage capacity resulted in temporarily negative oil prices, where holders of a futures contract were paying others to take delivery of oil for them. We...
Client Letter | How We Respond Matters, Revised | April 23, 2020

Client Letter | How We Respond Matters, Revised | April 23, 2020

“Life is 10% what happens to you and 90% how you respond to it.” — Lou Holtz, Hall of Fame football coach As the battle against the COVID-19 pandemic continues, how we respond to it will determine how we beat it. Continued sacrifices range from everyone in the medical...