Commentary

Elephant in the Room

The current debt ceiling debate in Congress is a great reminder that investors should always prepare for the unexpected and invest in companies that are durable enough to withstand a range of economic scenarios.

Commentary

Strategic Income Outlook: Was This a Crazy Year or What?

2022 was a difficult year for bond investors, but the combination of high inflation and tighter Fed policy should keep yields elevated, creating materially stronger fixed income returns in the new year.

Commentary

Equity Outlook: The Times They Are A-Changin’

In 2022, inflation and interest rates both rose substantially, creating the near-term potential for a recession.

Commentary

Total Return Outlook: Can I Have Another (Rate Hike)?

2022 was a rough year for fixed income, but we anticipate better days ahead as the Fed will likely keep rates elevated in its ongoing battle against inflation.

Commentary

Things Are Getting Sticky. Prices Always Have Been.

Although inflation appears to have peaked, historical data suggests that prices are unlikely to reverse themselves, which could lead to an extended period of wage inflation.

Commentary

Quiet Quitting? Quiet Firing? More Like Quiet Retiring

Structurally tight labor markets are providing support for tighter monetary policy, but the Fed may be fighting an uphill battle.

Commentary

Equity Outlook: Too Much Confusion

Investors today probably feel a bit like the joker and the thief from Dylan’s classic, “All Along the Watchtower” – there’s too much confusion, they can’t get no relief. But our Core Equity team believes there is a way outta here – investing in dominant companies that pay growing dividends.

Commentary

It’s Like Déjà Vu All Over Again … Again

The Fed remains singularly focused on containing inflation but has made little headway so far. 

Commentary

Strategic Income Outlook: Bobbing and Weaving

2022 has hit investors with an unprecedented 1-2 punch of sharply negative returns in both the equity and fixed income markets, but our Strategic Income team feels the selloff has created attractive opportunities in high yield bonds.

Commentary

Dividend Growth Stocks and High Yield Bonds: An Innovative Approach to Generating Investment Income

Generating investment income is challenging, especially in the low-yield environment we have been living with for the past decade.

Commentary

20 Years of Common Sense Investing: Our Top 5 Principles

We have always believed that common sense is the key to successful investing.

Commentary

Navigating Short-Term Dislocation Through Long-Term Thinking

In the face of what was the largest first half decline in the S&P 500 since 1970 and the worst ever start to a year for high yield bonds, short duration credit was not immune

Commentary

The Fed Has a Third Mandate, and the Market Has a New Imaginary Friend

Much has been made of the market’s relationship with the Fed in recent months.

Commentary

Fundamentally Challenged or Fundamentally Cheap? Bargain Hunting in a Down Market

In downward trending markets as we have seen for much of 2022, it is important to distinguish price declines which may present similarly.

Commentary

Equity Outlook: The Great Normalization

Equity markets have struggled so far in 2022, but in our view the declines are largely due to “The Great Normalization” – the unwinding of the Covid economy that was defined by excess liquidity, unusually high demand, and extremely low interest rates.