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27

November

27

August

29

June

Per Stirling Capital Outlook – June 2018

01 Per Stirling Capital Outlook - June 2018

In light of the almost surreal trade-related headlines that confront us on a daily basis, it seems only appropriate to invoke the words of philosopher George Santayana, who famously remarked that “Those who cannot remember the past are condemned to repeat it.” If the founding fathers of the world’s various democracies knew then what we […]

26

February

29

September

Per Stirling Capital Outlook – September 2017

01 Per Stirling Capital Outlook - September 2017

There are certain basic rules and inter-market relationships that every first-year economics student is taught as a matter of fact.  As an example, a slowing economy should lead to lower inflation, which is bullish for bonds, and to slowing earnings, which is bearish for stocks.  Or, that a stronger currency increases consumer purchasing power, which […]

30

June

Per Stirling Capital Outlook – June 2017

01 Per Stirling Capital Outlook June 2017

Imagine a family relaxing in a swimming pool, with every family member using a flotation device to remain on the surface of the water. It doesn’t matter who is stronger or who is a better swimmer because everyone is being kept afloat by an external force. If the amount of water in the pool is […]

26

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 […]

24

August

06

July

Per Stirling Capital Outlook – July 2016

Per Stirling Capital Outlook July 2016 - 01

We have noted on many occasions within the confines of these reports that capital markets thrive on certainty and struggle mightily when confronted with uncertainty, because investors know how to properly price securities when they understand the perceived risks and potential rewards associated with any given market environment, but tend to price in the perceived […]

21

June

Per Stirling Capital Outlook – June 2016

Per Stirling Capital Outlook June 2016 - 01

We open this writing with a 1912 photograph of a man crash-testing a football helmet not only in recognition of the fact that the long-awaited start of football season is finally approaching, but also because there is probably great similarity between how this product tester felt 104 years ago and how most global equity investors […]


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