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Per Stirling Capital Outlook – April

On April 4th of this year, one of Per Stirling’s Directors was interviewed for an in-depth article in Barron’s Magazine, which addressed a wide array of topics that we think will be of interest to our readers.  In the following pages, we will share our responses to the interview questions that dealt with the “Fed […]



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 – 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 […]







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 […]



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 […]