• Coronavirus market volatility update

    In lieu of our usual Weekly Bulletin, we are publishing this special report to discuss the market reaction to evolving news on the coronavirus outbreak. We would stress the following points.

  • Stressed out

    Numerous press headlines compared the infamous October 19, 1987, market crash with the March 12, 2020, drop of 2,352.60 in the Dow Jones Industrial Average (9.99%) and the 9.51% drop in the S&P 500. The stories were factually accurate by pointing out that the March 12 drop was the largest since “Black Monday” 1987, but they largely failed to consider what happened afterwards.

  • Forget the bazooka: Fed pulls out a nuke

    Former U.S. Treasury Secretary Hank Paulson, in the early phases of the financial crisis, described the Troubled Asset Relief Program (TARP) as a policy “bazooka” that the Treasury Department wanted just in case.

  • Fixed income market dysfunction

    Market conditions are evolving rapidly, but we will try to unpack some of the factors involved.

  • The death of equities redux

    Events over many years have arisen that appeared to threaten what had been an inexorable rise in the U.S. stock market. Selling stocks on fear of these events typically proved to be a major mistake.

  • Out of energy

    Oil markets are once again facing a price collapse—not unlike the swan dive seen when OPEC’s market-share war took prices from more than $110/barrel in mid-2014 to $26/barrel by early 2016.

  • We continue to expect a temporary impact from the coronavirus outbreak

    Stock market volatility continued last week while Treasury bond yields reached all-time lows.

  • Panic buying in U.S. Treasury markets

    U.S. Treasuries and other high-grade, longer-duration fixed income assets have seen an unprecedented wave of panic buying.

  • Investment Perspectives: Economic impact of coronavirus

    Coronavirus concerns and election uncertainty caused waves in the economy and financial markets.

  • Coronavirus market volatility update and investment implications

    The coronavirus (COVID-19) has now spread to the U.S. and other parts of the world after China’s severe measures to contain it failed.

  • Significant economic stimulus should support growth once Coronavirus subsides

    Stocks saw the worst weekly drop since 2008 last week, driven by the Chinese economic disruption and global uncertainty caused by the coronavirus outbreak.

  • Delayed not derailed

    In our outlook for 2020, we postulated a pro-growth, pro-cyclical stance was warranted, given the underlying strength of the U.S. economy and the burgeoning signs of a rebound in growth abroad that would provide a favorable setting for risk assets.

  • We expect global economic activity to rebound once Coronavirus subsides

    Market volatility has increased with the incoming economic data showing a significant disruption from the coronavirus outbreak, especially in China.

  • Too much of a good thing - or is it just normal?

    The cliché that a rising tide lifts all ships points out that in a bull market most stocks move up. Multiple times in the past 40 years, however, the market tide allowed some stocks to rise much more than others.

  • The role of fixed income in a diversified portfolio

    Fixed income assets can provide crucial benefits to investment portfolios. While income generation is important, holding bonds also helps reduce overall portfolio risk and opens up opportunities for reallocation if equity markets falter.

  • Despite near-term Coronavirus uncertainty, stocks anticipate global improvement

    Stocks moved to fresh all-time highs last week, supported by positive earnings and signs of stabilization in the ongoing coronavirus outbreak.

  • Shifting tides: The only constant is change

    In order of importance, the direction of the overall market, sector selection, and individual stock choices determine equity market portfolio returns.

  • Another Goldilocks labor market report suggests a longer economic expansion

    Stocks reached record highs last week, reflecting healthy fundamentals and looking through the near-term impact of the coronavirus outbreak.

  • Positive monetary impulse, issues facing fixed income, and the stock detour

    Financial markets take their cue from dovish guidance, strong muni performance, and the election's impact on the market are included in this month's Investment Perspectives.

  • Investors urged to stay the course

    The Wall Street adage, "stocks take the escalator up and an elevator down," pertains to the market tendency to rally along a shallower glide path than it does when some unwelcome news hits the tape and it typically turns into a swift selloff.

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