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24

November

Per Stirling Capital Outlook – November

“‘Ahhh, this porridge is just right’ Goldilocks said happily and she ate it all up”. As we have conjectured over recent commentaries, the equity markets rallied strongly in response to the increased, albeit incomplete, political certainty that the election provided.  In fact, the Standard & Poor’s 500 Index enjoyed its biggest post-election rally since 1932. […]

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27

October

Per Stirling Capital Outlook – October

With the election now only one week away, this will be the last Outlook that concentrates on this contentious subject.  At least, the equity markets had better hope that is the case because, if the election is still a point of significant uncertainty and market relevance a month from now, we would anticipate that we […]

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29

September

Per Stirling Capital Outlook – September

On January 4th of last year, at the annual meeting of the American Economic Association, former Federal Reserve Chairwoman, Janet Yellen, stated “I don’t think [economic] expansions just die of old age”, only to be upstaged by Former Federal Reserve Chairman Ben Bernanke, who completed her statement by saying that, instead, they get “murdered” by […]

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25

August

Per Stirling Capital Outlook – August

In a November of 1947 speech, Winston Churchill famously noted that “no one pretends that democracy is perfect or all-wise. Indeed, it has been said that democracy is the worst form of Government, except for all those other forms that have been tried from time to time.” One can only imagine what Churchill would think […]

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28

July

Per Stirling Capital Outlook – July

The Cambridge Dictionary defines the term “light at the end of the tunnel” as “signs of improvement in a situation that has been bad for a long time, or signs that a long and difficult piece of work is almost finished”.  From a medical, economic and societal perspective, we believe that there is growing evidence […]

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22

June

Per Stirling Capital Outlook – June

One of the traditional characteristics of equity markets is that they rarely spend much time priced at what most investors would consider to be “fair value”, and instead tend to trade back and forth between being undervalued and overvalued, relative to the economic fundamentals of the underlying companies.  These swings tend to take place over […]

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15

May

Per Stirling Capital Outlook – May 2020

One of the most time-honored and frequently recited Wall Street maxims came from renowned value investor Sir John Templeton, who famously observed that “The four most dangerous words in investing are, ‘it’s different this time.’” In this comment, Sir John is not suggesting that all bull and bear markets have the same catalysts, or even […]

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13

April

Per Stirling Capital Outlook – April 2020

One of our favorite perspectives on historical precedent comes from Mark Twain, who observed that “history does not repeat itself, but it oftentimes rhymes”.  Perhaps that has never been more true than is the case today. Back in the summer of 2012, the currency and debt crisis in Europe was growing so severe that many […]

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23

March

SPECIAL REPORT: THE CORONAVIRUS CRISIS

SPECIAL REPORT: THE CORONAVIRUS CRISIS In order to better understand this historic decline across asset classes, one should keep in mind that we started the year with high valuations and even higher bullish sentiment, which suggests that the markets entered into this bearish period with many portfolios very leveraged and most portfolios largely unhedged.  Indeed, […]

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16

March

Per Stirling Capital Outlook – March 2020

There is likely no field of human endeavor where maxims and sage tidbits of wisdom are more revered and more often recited than is the case in the field of investing.  Indeed, you can point to these very reports as evidence of exactly that phenomena, as we emphasize the past wisdom and insight of others […]

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