Blog Archives

Market Update | June 2018

  Tax cuts are having an impact to U.S. earnings: As Europe and Japan have peaked in terms of GDP growth, the U.S. is now attracting capital at the margins as investors rebalance. Italy, North Korea and the Middle East could create support for U.S. Treasuries: We see ample support

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Market Update | May 2018

The trickle-down theory is boosting inflation. Core PCE inflation of 1.9% in March is just shy of the Fed’s 2% target and signals a clear normalization of interest rate policy. Tax cuts and US fiscal risks. The hope that tax cuts will create a “growth offset” to counterbalance the falling tax receipts

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Market Update | Spring 2018

Our Retrospective on Tumultuous March The global economic expansion is starting to peak. Economic surprises are decidedly disappointing in Europe, Japan and the U.K., while the U.S. is trending sideways. EM’s continue to remain strongly positive, as trade continues to power their expansion. Interestingly, the economy is powering down as economists

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State of the Economy | April 2018

Stock Market in Correction… And it’s About Time January started the year with a bang. World economies clearly were in growth mode, interest rates low and earnings marching ever higher. In walks February and March with dark clouds dominating the once rosy landscape. Trade wars and higher interest rates can have a negative

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Monthly Market Update: January 2018

Published 1.8.2018 Introduction 2018 will be a year that separates the wheat from the chaff: While the tax re-write is seen as a boon to corporations, it may well serve as a litmus test for corporate earnings quality versus indebtedness. While we see positive benefits flowing to companies with strong

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The Nifty Fifty: Growth Stocks and the Health of your Wealth

Published 12.21.2017 The early 1970’s was a fun and profitable period in American financial history.  Diana Ross and the Jackson 5 were playing on the radio, a house cost around $25,000, and the Nifty Fifty dominated investment talk even with inflation running at about 5%.  The Nifty Fifty were the

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Monthly Market Update: December 2017

Published 12.12.2017 Introduction Tax policy will either pass, or it won’t; though the reconciliation process will be critical to the ultimate tax reform outcome: Our outlook is that both the upside and downside are limited in either scenario as valuations are already at multi-year highs and continued positive earnings can

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Monthly Market Update: November 2017

Published 11.8.2017 Introduction Congress makes further progress on tax reform: By passing the budget through the reconciliation process, the House of Representatives can simply adopt the Senate budget version, which currently calls for $1.5 trillion in tax cuts. Despite this move, we remain skeptical that budget neutrality will be reached,

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Mid Month Market Update: October 2017

Published 10.24.2017 Canary in a Coal Mine Brendan Van Cleve Director, Lido Advisors, LLC; Director, Wealth Management, Ken Stern & Associates The White House recently released an outline to reform personal and corporate income taxes [1].  The overarching goal of the plan is to reduce the number of tax brackets,

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Monthly Market Update: October 2017

Published 10.6.2017 Introduction US Stocks continue to post gains, but a subtle shift from growth back to value could be a canary in a coal mine: Multiples remain stubbornly high with expectations that the recovery will be long and strong, but some of the steam is being let out of

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