US Growth Stocks: Poised for a Bull Market?

US Growth Stocks: Poised for a Bull Market?

We believe that five years from now we will look back and see that we were in the early stages of a secular bull market — defined as the S&P 500 Index rising 8% to 14% annualized with only short intervening declines.  Sales and earnings growth of 4% to 6%, combined with price-to-earnings (P/E) multiple expansion adding 2% to 5% and dividends contributing 2% to 3% to total returns, could create an environment similar to previous secular bull markets.  We see many positive secular and cyclical growth themes in the current market that may help us get there.

Read More

Three Potential Opportunities and Three Risks For 2015

Three Potential Opportunities and Three Risks For 2015

With my 2014 year-in-review now posted, Lessons from 2014, and my full 2015 outlook not arriving until January, I wanted to share a few of my thoughts and expectations for the coming year.

Read More

Completing the Alternative Investments Puzzle

Completing the Alternative Investments Puzzle

Putting the Pieces Together Part 2

In my previous blog, I discussed why I believe advisors and investors should approach alternative investments much like a jigsaw puzzle and offered an organizing framework that can help.  When putting together a puzzle, the first step is to sort and organize all the pieces. For alternatives, the first step is to organize and align the various alternative strategies with specific investment objectives.  This step is critical because it helps investors decide whether alternatives can help them meet their needs, and, therefore, whether they should invest in them.

Read More

Gasoline Fuels Economic Growth and Consumer Spending

Gasoline Fuels Economic Growth and Consumer Spending

The US economy has seen slow growth in the wake of the Great Recession. Deleveraging, regulation and weak demand have been a few factors restricting the rate of growth, but one sometimes neglected factor is the price of gasoline.

Read More

What Are US Stock Prices Telling Us About 2015?

What Are US Stock Prices Telling Us About 2015?

Going into 2015, investors may ask themselves: Is it possible for the S&P 500 Index to post another year of at least 10% gains? At writing, the index was on track to generate its third straight year of double-digit returns and to record double-digit gains in five of the past six years.1

Read More

ECB Strongly Signals QE in 2015

ECB Strongly Signals QE in 2015

In our view, European Central Bank (ECB)President Mario Draghi signaled in last week’s press conference that he could unveil plans for quantitative easing (QE) in Europe, potentially as soon as the first quarter of 2015.

Read More