> bullish Archives - Per Stirling

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June

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May

Per Stirling Capital Outlook – May 2019

American author Mark Twain observed that, “History does not repeat itself, but it oftentimes rhymes”.  For evidence of just how insightful this perspective is, one needs to look no further than the Winter 1982 edition of Foreign Affairs Magazine, which noted that: “President Reagan won his office in part because he convinced the electorate that […]

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April

Per Stirling Capital Outlook – April 2019

One of the core premises on which monetary policy is based is that there is a direct relationship between economic growth and inflation.  More specifically, prevailing economic theory maintains that strong economic data ultimately leads to both “full employment” and the full utilization of an economy’s productive capacity, and that both economic conditions, once they […]

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March

Per Stirling Capital Outlook – March 2019

If there is any single sentence that epitomizes how the Federal Reserve operated in the pre-Bernanke era, it is probably the reply given by then Fed Chairman Alan Greenspan during a 1987 testimony to the Senate Banking Committee.  He responded to a question by saying, “If I seem unduly clear to you, you must have […]

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May

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March

Per Stirling Capital Outlook – February 2017

01 Per Stirling Capital Outlook - February 2017

  Winston Churchill sarcastically said that “democracy is the worst form of government except for all those other forms that have been tried from time to time.” Right about now, there is probably about 50% of the American voting public that is prepared to take Churchill quite literally. However, it is not just that they […]

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December

Per Stirling Capital Outlook – December 2016

01 Per Stirling Capital Outlook - December 2017

In his 1936 book entitled The General Theory of Employment, Interest and Money, economics pioneer John Maynard Keynes introduced the concept of “animal spirits” into the analysis of how the owners and managers of companies make business decisions and how investors make investment decisions. His premise was that strong company and/or macroeconomic fundamentals (earnings, interest […]

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November

Per Stirling Capital Outlook – November 2016

The most insightful comment from this year’s presidential election campaign may have come from the September 23rd edition of The Atlantic magazine, which said of President-Elect Trump, “The press takes him literally, but not seriously; his supporters take him seriously, but not literally.” Throughout the campaign, Trump was the ultimate enigma. From an investor’s perspective, […]

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August

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April

Per Stirling Capital Outlook – April 2016

01 Per Stirling Capital Outlook April 2016

Expectations and sentiment are incredibly important in regard to their influence on both the economy and the markets. In regard to markets, too much bullishness is bad, because it means that most of the potential buyers of securities have already bought, and that there is very little sideline cash remaining to drive the markets higher. […]


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