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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 […]

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 […]

13

April

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, […]

16

March

02

March

SPECIAL REPORT: THE CORONAVIRUS AND THE EQUITY MARKETS

Back in the early days of the Financial News Network, they had an exceptional credit market analyst named Ed Hart who would talk about periods “where the demand for certainty far exceeds the available supply”.  If he were alive today, he would surely consider this to be one of those times. That said, even during […]

26

February

Per Stirling Capital Outlook – February 2020

As renowned investor Howard Marks famously noted, “In the real world, things fluctuate between ‘pretty good’ and ‘not so hot’, but in the investing world, things go from ‘flawless’ to ‘hopeless’”.  We have just witnessed a dramatic and violent example of such a transition. Until a week ago, we were in a “heads, the bulls […]

29

January

20

December

Per Stirling Capital Outlook – December 2019

Renowned value investor, Sir John Templeton, coined one of the most insightful of all investing idioms when he observed that, “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” His observation applies to a psychological process that normally takes years to unfold, as market gains over time and […]

26

November

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