> European Union Archives - Per Stirling

Blog

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 […]

24

August

06

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 […]

21

June

Per Stirling Capital Outlook – June 2016

Per Stirling Capital Outlook June 2016 - 01

We open this writing with a 1912 photograph of a man crash-testing a football helmet not only in recognition of the fact that the long-awaited start of football season is finally approaching, but also because there is probably great similarity between how this product tester felt 104 years ago and how most global equity investors […]

26

June

Per Stirling Capital Outlook – June 2015

1 - Per Stirling Capital Outlook June 2015

In 1841, Scottish journalist Charles Mackay first published his so-called “history of popular folly” titled Extraordinary Popular Delusions and the Madness of Crowds.  Among other things, it examined many of history’s most speculative asset bubbles, including the South Sea Company bubble of 1711–1720, the Mississippi Company bubble of 1719–1720, and the Dutch “tulip mania” of […]

29

May

Per Stirling Capital Outlook – May 2015

Per Stirling Capital Outlook - May 2015 #55 - 1

  When the Federal Reserve first launched its quantitative easing program back in November of 2008, they clearly understood the limitations of such programs.  Chairman Bernanke himself publicly acknowledged that they probably would not have a direct impact on the real economy, and that the Fed would need to instead rely upon the secondary and […]

05

May

Per Stirling Capital Outlook – April 2015

Per Stirling Capital Outlook - April 2015 #1

Both economics and capital markets analysis are, at their core, based upon the study of history.  Everything that analysts, economists, strategists and investors know, or think that they know, is based upon the premise that the past offers some insight into the future, and that it is reasonable to expect for both markets and economies […]

01

April

Per Stirling Capital Outlook – March 2015

Ancient Greek playwright Sophocles wrote: “No one loves the messenger who brings bad news.”  To wit, Sophocles would have had great difficulty explaining the domestic stock market over the past six years as, ever since the Fed expanded its initial quantitative easing (QE) program in March of 2009, investors have not only disavowed this seemingly […]

02

March

Per Stirling Capital Outlook – February 2015

February Capital Outlook - image 1

When Greek Finance Minister Varoufakis was appointed to power a month ago, he launched into negotiations with “the troika” (the European Commission, the European Central Bank and the International Monetary Fund) regarding Greece’s bailout program with all the hubris and tactical aggression of an ancient Spartan warrior (or an expert in the cold war theory […]


Navigation