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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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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 […]

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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 […]

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29

January

Per Stirling Capital Outlook – January 2020

  The natural state for a capitalistic economy is expansion and, as evidenced by the fact that the domestic stock market has gained value in approximately 74% of all years, the path of least resistance for equity markets is up.  As such, it has historically been true that both the economy and equity prices normally […]

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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 […]

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26

November

Per Stirling Capital Outlook – November 2019

On November 13th of this year, Federal Reserve Chairman Jerome Powell stated, “I think the new normal is lower interest rates, lower inflation, probably lower growth, and you’re seeing that all over the world, not just in the United States.” This is a remarkable statement on many levels, starting with the fact that it is […]

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