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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. […]

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October

29

September

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 […]

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August

28

July

22

June

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 […]

15

May

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 […]

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April

16

March

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February

Per Stirling Capital Outlook – February 2020

As renowned investor Howard Marks famously noted, “In the real world, things fluctuate between ‘pretty good’ and ‘not so hot’, but in the investing world, things go from ‘flawless’ to ‘hopeless’”.  We have just witnessed a dramatic and violent example of such a transition. Until a week ago, we were in a “heads, the bulls […]