In the March issue of our monthly flagship publication, we feature:
- On the Record by Chief Investment Officer Tony Roth, Between a rock and bull run, looks at the February stock market correction and beyond.
- In Focus discusses two different ways to go about investing cash, and why one approach may be preferable.
- Investment positioning, major themes, and asset class positioning updates.
You don’t have to look at the calendar to know it isn’t 2017. With just two months under our belts so far, it’s clear we’re in a very different investment environment compared to last year. On the heels of a 21.8% total return for the S&P 500 in 2017, the stock market did the unthinkable by accelerating in January, posting a 7.5% advance through January 26 (an annualized rate of 158%) before collapsing in headline-generating fashion, by more than 10% over a volatile two-week period. These earlier losses had mostly been regained before a good-bye-to-February punch to the collective gut, but the questions we must ask ourselves—as well as the answers—nonetheless remain unchanged. The first question is whether there have been fundamental shifts in the economic environment or markets. The second question is if we think the recent upward movement in interest rates will inevitably topple equity markets this year. Our answer to both is a resounding “no.”
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