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Per Stirling Capital Outlook – November

A “soft landing” describes the always sought-after but historically elusive monetary policy outcome, where the Federal Reserve manages to raise interest rates and reduce economic liquidity just enough to slow down the economy and squelch inflation, but not so much that they overtighten policy and catalyze a recession. The Fed’s ability to engineer this “golden […]



Per Stirling Capital Outlook – October

“If you want to eat well, buy stocks; if you want to sleep well, buy bonds.” As is exemplified in this (now perhaps regrettable) quote by André Kostolany, who is renowned as an expert on the capital markets, bonds have traditionally enjoyed a (usually) well-deserved reputation for being steady, dull, boring, and generally quite safe. […]



Per Stirling Capital Outlook – September

When I started in this industry some forty-plus years ago, the Federal Reserve acted with a level of secrecy more closely associated with secret cults than modern central banks.  So clandestine were the Federal Reserve’s operations that they didn’t even disclose what changes in interest rates, if any, had taken place at their meetings.  Instead, […]



Per Stirling Capital Outlook – August

During a press conference in February of 1943, Winston Churchill was asked to predict the outcome of World War II.  He replied by saying, “I always avoid prophesying beforehand, because it is much better policy to prophesy after the event has already taken place.”1 For the past two years, most of the research coming out […]