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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 […]

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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 […]

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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 […]

25

May

Per Stirling Capital Outlook – May 2016

01 Per Stirling Capital Outlook - May 2016

1930s actress Mae West famously said that “too much of a good thing can be wonderful!” Increasingly, the capital markets are starting to disagree with that perspective, as we seem to be transitioning from a “bad news is good news” market, where weak economic news and geopolitical risk was treated as bullish, because it kept […]

25

April

Per Stirling Capital Outlook – April 2016

01 Per Stirling Capital Outlook April 2016

Expectations and sentiment are incredibly important in regard to their influence on both the economy and the markets. In regard to markets, too much bullishness is bad, because it means that most of the potential buyers of securities have already bought, and that there is very little sideline cash remaining to drive the markets higher. […]


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