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27

July

Per Stirling Capital Outlook – July

“From that day on, we was [sic] always together. Jenny and me was [sic] like peas and carrots.” –From the movie Forrest Gump. As was noted by this classic Tom Hanks character, whether it be Texas and hot summers, birthdays and cake, or higher inflation and higher interest rates, there are certain things that just […]

29

June

Per Stirling Capital Outlook – June

Is it possible that we just witnessed “peak everything” (or at least peak many things)?  Did we just witness a peak in the growth rate of money supply, in the pace of government fiscal stimulus, in the rate of increase in monetary stimulus, in corporate profit growth, and in economic growth?  Could it be that […]

27

May

Per Stirling Capital Outlook – May

“The Great Fire of Rome” was reportedly started in 64 A.D. upon secret orders from Emperor Nero, who wanted to clear the way for a giant new palace called the Domus Aurea.  By the time that the fire burned itself out nine days later, two-thirds of the city had been destroyed and Nero, by ignoring […]

29

April

Per Stirling Capital Outlook – April

In a recently published interview with Barrons Magazine, we noted our belief that, “This is a very strange market on many levels.  We have sentiment levels and valuations of a very old, mature bull market. But we have monetary and fiscal policies of a young, emerging bull market, and an economy just coming out of […]

26

March

Per Stirling Capital Outlook – March

The most recent Bank of America Fund Manager Survey of 220 institutional portfolio managers managing $630 billion revealed something quite extraordinary.  For the first time in a year, the COVID-19 pandemic was not named as the biggest risk to the stock market.  In fact, it wasn’t even close.  Six percent of respondents listed a potential […]

25

February

Per Stirling Capital Outlook – February

Legendary investor Warren Buffett once noted, very insightfully, that “only when the tide goes out do you discover who’s been swimming naked.”  Mr. Buffet’s point is that it rarely becomes evident during a roaring bull market who is overly leveraged, overly aggressive, or improperly diversified.  This is particularly true after extended periods when there has […]

26

January

Per Stirling Capital Outlook – January

In market analysis, there tends to be very little difference between being early and being wrong, and there may be no better example of this fact than the televised December 1996 speech given by then Federal Reserve Chairman Alan Greenspan, in which he coined the now-infamous phrase “irrational exuberance”.  At the time, as is the […]

17

December

Per Stirling Capital Outlook – December

Among a myriad of other things, the year 2020 will be remembered as a period that featured an unprecedented use of the word “unprecedented”.  The extraordinary nature of this year is evidenced in everything from unprecedented pandemic case counts and the most ambitious vaccine campaign in U.S. history to a record election turnout, and from […]

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. […]

27

October