U.S. Growth Good To Great
This recovery has been replete with the perception of disappointment.
Whereas most recoveries are marked by a credit-fueled lift-off, this one has been bemoaned as impotent by comparison. But, in this business, perceptions are, more often than not, wrong.Download PDF
U.S. Large Stocks Set The Standard For Performance
The fourth quarter brought us two fairly deep but short-lived corrections in stock prices, a pattern that may be continuing early in 2015. But in each case investors looked through the reasons behind the corrections (like a sharp plunge in commodity prices) to lift the S&P 500 back to new highs.Download PDF
Fixed Income Portfolios
Strong 2014 Offsets 2013 Bond Market Weaknes
The unprecedented actions of central banks across the world continue to keep many bond-market investors guessing. However, Chair Janet Yellen and Co. at the U.S. Federal Reserve have made it clear that they intend to execute the first rate hike of this cycle sometime this year, likely between March and June. In a rising rate environment, treasury bonds could generate negative returns. With that in mind, we’re sticking to shorter duration issues and retaining our higher-yielding exposures.Download PDF