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June

Per Stirling Capital Outlook – June 2017

01 Per Stirling Capital Outlook June 2017

Imagine a family relaxing in a swimming pool, with every family member using a flotation device to remain on the surface of the water. It doesn’t matter who is stronger or who is a better swimmer because everyone is being kept afloat by an external force. If the amount of water in the pool is […]

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April

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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March

Per Stirling Capital Outlook – March 2016

01 Per Stirling Capital Outlook - March 2016

On March 9th of this year, both the global economy and the domestic capital markets reached important milestones. For the global economy, it was the seventh anniversary of the absolute depths of the global financial crisis. For the domestic equity markets, it was the start of what has thus far proven to be the third-longest-running […]

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January

Per Stirling Capital Outlook – January 2016

1 - Per Stirling Capital Outlook Jan 2016

Renowned investor Sir John Templeton famously noted that “The four most dangerous words in investing are ‘This time it’s different.’” However, with all deference to Sir John, and in light of recent market history, he clearly should have prefaced his comment with the term “all other things being equal”, as market dynamics in early 2016 […]

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September

Per Stirling Capital Outlook – September 2015

1 - Per Stirling Capital Outlook September 2015

According to Greek mythology, Zeus created Pandora, as the first woman, as part of a plot to get revenge on two brothers who angered Zeus by restoring access to fire to the human race. When, according to Zeus’ plan, Pandora married one of the brothers, Zeus gave to her a box as a wedding gift, […]

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August

Per Stirling Capital Outlook – August 2015

1 - Per Stirling Capital Outlook August 2015

  Author Jacob Braude is quoted as saying, “Always behave like a duck – keep calm and unruffled on the surface but paddle like the devil underneath”.  The markets seem to be taking Mr. Braude’s advice to heart, as the impression that they give from above belies entirely what is going on beneath the surface […]

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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 […]

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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 […]


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