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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

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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 […]

29

January

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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 […]

26

November

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October

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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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