Monday, January 7, 2019

Investment Perspectives: Economic Dissonance, Fixed Income Recap, and Recalibration



You can read the full Investment Perspectives here.


In this month's issue:

“Economic Dissonance" Mark Luschini
The dictionary defines dissonance as the lack of agreement or inconsistency between that which someone wants to believe and the truth. We observe today’s environment as one where investors have a pronounced degree of economic dissonance and that is being reflected in stock prices in a way that seems inconsistent with the fundamental economic conditions.

“Fixed Income 2018 Recap” Guy LeBas
As is tradition, the first fixed income note of 2019 affords a good opportunity to look back at the successes (and, of course, misses) of our views in 2018 and how those views have evolved into 2019.

“Recalibration" Greg Drahuschak
The S&P 500 set its most recent all-time high of 2940.91 on September 21, 2018. That day, the Dow Jones Industrial Average, S&P 500, and the Nasdaq 100 had respective year-to-date gains of 8.19%, 9.58%, and 15.70%. The weakest December in at least 69 years and the weakest fourth quarter since the third quarter of 2011 dragged these indices to full-year losses.