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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 […]



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 […]



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 […]



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 […]



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 […]



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. […]





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 […]