Hamilton Capital Management - Registered Investment Advisor

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Regional Specialists Review November 2014

Yet again, "yo-yo" bursts to our lips in describing recent events.

As the U.S. and the UK continue to post respectable performances, growth concerns in China and Europe and widespread weakness in commodity prices led to fresh investor ulcers about a global slowdown and equity-market weakness in mid-October. And yet as we write this, barely a couple of weeks later, U.S. stock prices are again at record highs and the worrying seems already dated.

U.S. earnings, even revenue growth, are robust to OK. The U.S. dollar has been rising steadily since 2011 (a surprise to many readers) and recently accelerated modestly. Although the headlines scream concern over this - as the media juggernaut defends its commercial interests while seeking the worst possible angle on new developments and worrying investors silly - this is often associated with positive developments in the economy and/or financial markets.

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