Regional Specialists Review November 2013
As we circumnavigate the globe, the economic positives are numerous - each of the U.S., UK, Europe, Japan and even emerging markets is showing signs of improvement. That's good.
We also observe that, aside from a few persistent - and consistently wrong - perma-bears, negative articles have been replaced by all these pundits projecting that the Dow will hit some high number by year end. Further, more money is being allocated to stocks, as investors are more comfortable with headlines. This, along with less-friendly valuations, is perhaps not so good.
We have just shifted our U.S. fixed-income assets to a more cautious stance with regard to higher interest rates. We're also carefully reviewing our earnings projections and measures of equity market value to assess when a change in equities stance may be in order.