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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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30

October

Per Stirling Capital Outlook – October 2019

Throughout the course of human history, there have been seminal and transformative events and decisions that have, as if one flipped a switch, fundamentally changed the outlook for the global economy and the global capital markets.  Examples of this phenomena are as diverse as they are rare, and include cases such as the fall of […]

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26

September

Per Stirling Capital Outlook – September 2019

The major global economies and markets remain mired in a “Catch 22” macroeconomic environment.  The term “Catch 22” first became a part of the American lexicon in 1961 thanks to the Joseph Heller novel of the same name, in which a disillusioned American bombardier fighting in World War II desperately seeks to avoid flying future […]

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28

August

Per Stirling Capital Outlook – August 2019

There is an old saying in the sport of boxing that you don’t need to worry about the punches that you can see, as you can prepare for them.  Instead, it’s the punch you don’t see coming that knocks you out.  In some regards, the capital markets work in much the same way.  Markets are […]

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24

July

Per Stirling Capital Outlook – July 2019

A Wall Street analyst recently referred, in a CNBC interview, to the current stock market as a “wild west market” due to his reasonable observation that investors are ignoring the world’s many risks and are “throwing caution to the wind”.  However, while we believe that he makes a valid point, we think that it is […]

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25

June

Per Stirling Capital Outlook – June 2019

As anyone who has ever watched an old western movie can tell you, one could always count on the cavalry to come charging in at the last minute and “save the day”.  For much of the past thirty years, at least in the economic realm, that responsibility has fallen on the shoulders of the world’s […]

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23

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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29

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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29

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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