The Specialist Advantage

INVESTING IS INCREASINGLY BECOMING A SPECIALIST GAME Over the course of our career, we have focused on identifying and investing in companies that benefit from an accelerating rate of change. Reflecting on our learnings over the years, we find that every generation has its own unique set of challenges and opportunities. Companies that seek success […]

4Q:2019 Quarterly Update – Major Pivots at Year-end Improve Outlook

MARKETS Stocks end 2019 on a high note, posting their best returns since 2013. Investor optimism regarding progress on US-related trade deals, green shoots in global growth as monetary easing kicks in and reassurance that central bank (US Fed and ECB) policies will remain accommodative for an extended period helped spur the rally. Consumer confidence […]

3Q:2019 Quarterly Update – A Challenging Mix of Uncertainty, Concerns, and Positives Suggests Caution Ahead

MARKETS Stocks were mixed as sentiment shifted. Investors weathered a challenging, uncertain environment during the quarter. The market’s attention focused on a softening global economy, US–China trade tensions, monetary policy, and the outlook for corporate earnings. The global growth outlook continued to deteriorate, as PMIs (purchasing manager indices) for most large economies continued to contract. […]

2Q:2019 Quarterly Update – Stocks Strong, But Slower Growth Ahead

MARKETS Stocks were strong in the second quarter. Investors pushed prices higher even as the economic environment became less encouraging. Two factors were primarily responsible for the bullish sentiment: The Federal Reserve raised the possibility that it might cut interest rates for the first time since December 2008. Anticipation rose that the US and China […]

1Q:2019 Quarterly Update – Investors Cheered as the Fed Turned Dovish

MARKETS Investors cheered as the Fed turned dovish. Stocks enjoyed a vigorous turnaround in the first quarter after enduring painful performance and sinking sentiment in last year’s fourth quarter. Fed chairman Jerome Powell pivoted from endorsing further interest-rate hikes in December to proclaiming “patience” in January as the Fed’s new guiding principle for monetary policy. […]