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28

April

31

March

Per Stirling Capital Outlook – March 2017

After his experience of the past two weeks, you can bet that Donald Trump wishes that he had been elected King rather than President, as he is learning, in no uncertain terms, that it is much easier to issue executive decrees than it is to pass legislation, even with the President’s own party in control […]

02

March

Per Stirling Capital Outlook – February 2017

01 Per Stirling Capital Outlook - February 2017

  Winston Churchill sarcastically said that “democracy is the worst form of government except for all those other forms that have been tried from time to time.” Right about now, there is probably about 50% of the American voting public that is prepared to take Churchill quite literally. However, it is not just that they […]

30

January

Per Stirling Capital Outlook – January 2017

01 Per Stirling Capital Outlook JAN 2017

To state the obvious, Donald Trump is not your average President, or even your average politician. He doesn’t look like a politician. He doesn’t act like a politician and he most certainly doesn’t think like a politician. If anything, he seems to view himself more as a corporate raider engaging in hostile takeovers or as […]

26

December

Per Stirling Capital Outlook – December 2016

01 Per Stirling Capital Outlook - December 2017

In his 1936 book entitled The General Theory of Employment, Interest and Money, economics pioneer John Maynard Keynes introduced the concept of “animal spirits” into the analysis of how the owners and managers of companies make business decisions and how investors make investment decisions. His premise was that strong company and/or macroeconomic fundamentals (earnings, interest […]

29

November

Per Stirling Capital Outlook – November 2016

The most insightful comment from this year’s presidential election campaign may have come from the September 23rd edition of The Atlantic magazine, which said of President-Elect Trump, “The press takes him literally, but not seriously; his supporters take him seriously, but not literally.” Throughout the campaign, Trump was the ultimate enigma. From an investor’s perspective, […]

27

October

Per Stirling Capital Outlook – October 2016

01 Per Stirling Capital Outlook - October 2016

The lexicon of investment terminology is full of animal metaphors, which range from the most basic of descriptors like “bull market” and “bear market” to highly evocative terms like a “dead cat bounce” and a “black swan.” This last term seems particularly relevant today, in light of the current election cycle. A “black swan” is a […]

28

September

Per Stirling Capital Outlook – September 2016

01 September 2016 Per Stirling Capital Outlook

As David Rosenberg, Chief Economist for Gluskin Sheff, recently observed, “summer vacation is over.” Summer is known for being a quiescent period in the markets, when trading volumes are very low and Wall Street’s primary decision-makers are off vacationing in the Hamptons. This summer was even calmer than usual. As evidence, the Standard & Poor’s […]

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August

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July

Per Stirling Capital Outlook – July 2016

Per Stirling Capital Outlook July 2016 - 01

We have noted on many occasions within the confines of these reports that capital markets thrive on certainty and struggle mightily when confronted with uncertainty, because investors know how to properly price securities when they understand the perceived risks and potential rewards associated with any given market environment, but tend to price in the perceived […]


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