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Investment Update

October 3, 2018

Strong economic and corporate fundamentals fell into place in the third quarter, triggering an impressive rally in stock prices. Annualized GDP growth exceeded 4% and corporate earnings (abetted by tax reform) grew over 20% for a second ...

By Meritage Portfolio Management

Artificial Intelligence (AI)

September 26, 2018

“Artificial Intelligence is the electricity of the 21st century.” Andrew Ng, Stanford University “We want Google to be the third half of your brain.” Sergey Brin, Alphabet President Introduction The revolution is upon us. The rap...

By Leonard C. Mitchell, CFA

Investment Update

July 6, 2018

Broad equity markets posted positive returns in the second calendar quarter, rebounding from the modest declines of Q1. While the news flow regarding continued economic growth and strong corporate earnings was generally positive, the mar...

By Meritage Portfolio Management

Investment Update

April 5, 2018

It was the third quarter of 2015 that stocks last turned in negative returns, triggered by recession fears and collapsing oil prices. While this quarter’s market decline of 1% – 2% came amidst stronger economic trends and positive earn...

By Meritage Portfolio Management

Investment Update

January 5, 2018

A strong fourth quarter gave stocks their best year since 2013.  Broad equity indices hit multiple new highs as volatility remained historically low through year end.  Feeding off the momentum that began in late 2016, the S&P 500 finis...

By Meritage Portfolio Management

Investment Update

October 5, 2017

Stocks added impressively to their gains of the first half, marking the eighth consecutive quarter of positive returns for most broad based indices. Much of what transpired in the markets fit the “more of the same” narrative that has...

By Meritage Portfolio Management

Investment Update

July 7, 2017

It was a good quarter for both stocks and bonds, adding to the solid returns of the first quarter. Numerous equity indices ended the quarter at or near record highs, in spite of a relatively flat month of June. Stocks, broadly speaking, ...

By Meritage Portfolio Management

Investment Update

April 6, 2017

A Strong Start: The momentum from last quarter carried into the New Year as the broad based equity averages completed their sixth straight quarter of positive returns. Investors’ attention was pulled between growing uncertainty coming ...

By Meritage Portfolio Management

Investment Update

January 9, 2017

Game Changer: Nobody saw this coming, but in the collective wisdom and unemotional ways of the market, it didn’t take long to comprehend that this was monumental. The combination of a highly improbable election outcome with such wide-r...

By Meritage Portfolio Management

Investment Update

October 3, 2016

Confidence Rising: Stocks closed higher in the third quarter amidst a relatively benign backdrop of news and events. In the context of stagnant growth and negative earnings trends, advances like this would seem to be driven more by senti...

By Meritage Portfolio Management

Investment Update

July 1, 2016

Cliffhanger: Stocks completed a near 6% round trip in a rousing final week of the second quarter, leaving most of the broad equity averages at slightly positive levels for the three months.  The U.K. vote to leave the European Union cle...

By Meritage Portfolio Management

Investment Update

April 1, 2016

Something for Everyone: Stocks declined over 10% in the quarter.  They also gained more than 10%.  Oil dropped 30% and gained almost 50% in the quarter.  The Fed advised to expect four more rate hikes this year and then took that off ...

By Meritage Portfolio Management

Investment Update

October 1, 2015

The unusually tight trading range that defined the stock market in the first half of the year gave way to the downside in the third quarter. Slowing global growth became a flashpoint of concern midway through the quarter, triggered by di...

By Meritage Portfolio Management

Investment Update

July 1, 2015

Beware Greeks Bearing Gifts (or Referendums) A relatively quiet quarter for stocks was interrupted at quarter-end as the charade of negotiations around Greece’s solvency had an untimely reality check. Modest equity gains that had accum...

By Meritage Portfolio Management

Investment Update

April 9, 2015

Going Nowhere, Fast Broad stock returns were relatively unchanged for the quarter, a fitting outcome for a market that moved frequently with conviction in both directions. It is also not surprising to see a consolidation of the very stro...

By Meritage Portfolio Management

Investment Update

January 12, 2015

  In the Books A strong fourth quarter lifted U.S. stocks to record highs, generating the third consecutive year of double-digit returns. A familiar combination of solid corporate earnings, Federal Reserve stimulus and few attractive alt...

By Meritage Portfolio Management

Investment Update

October 8, 2014

Coming off a strong second quarter, stocks turned in a mixed performance for the three months ending September 30. The fundamental backdrop for stocks remained relatively stable, with interest rates drifting slightly lower and generally ...

By Meritage Portfolio Management

Investment Update

July 9, 2014

More of the Same, This Time Quiet is not an adjective often used to describe financial markets, but it fits, along with steady, resilient, calm and positive for the second calendar quarter. News flow over the quarter was relatively uneve...

By Meritage Portfolio Management

Investment Update

April 8, 2014

A Tentative Start On the heels of the strong finish to last year, stock market averages posted flattish to moderately positive results for the quarter. Beneath the surface of this relatively lackluster outcome are several observable shif...

By Meritage Portfolio Management

Black Swan Lurking

December 1, 2007

In the spirit of this column’s focus on broadening our conventional thinking, we draw upon the wisdom of turkeys and the existence of swans, specifically black swans.  What this has to do with the capital markets is detailed in the th...

By Meritage Portfolio Management