Stocks advanced strongly in the third quarter, extending the rally from the pandemic-driven lows of late March.  While the first phase of this recovery seemed to defy most conventional views at the time, the strength in the third quarter was accompanied by increased investor confidence...

We hope this note finds you well.  As our client interaction remains more on the virtual side, we will continue to be more active with our periodic notes and updates. Following a strong second quarter, most trends have continued into the current quarter.  Stocks have moved...

The surprisingly strong rebound in stocks against a backdrop of severe economic and social duress is among many storylines that have emerged over the recently completed quarter. We’ll comment below on some of the drivers behind this strength and offer thoughts on where we go...

We hope everyone is staying healthy. As most of us will see some moderation to our shelter in place guidelines in the coming days and weeks, we expect our habits of staying safe will remain as essential as ever. Since much has transpired since our most...

It’s hard to know where to start. The suddenness of what’s transpired over the past six weeks revealed a vulnerability to our way of living previously only appreciated by those of the scientific community. Ten million people have filed for unemployment over the past two...

Discussion In the past week, we have seen unprecedented, disruptive events occurring at speeds that stretch anyone’s comprehension. As these developments unfold, the markets are extrapolating this new information each day into longer-term outcomes, each more dire than the last. When fear is driving this reaction,...

We don’t often field a lot of questions about bond safety, nor would we expect to under normal circumstances. Not surprising nor alarming, signs of stress have crept into the bond market over the past couple of weeks causing bond prices to pull back.  While...

The Meritage Growth Equity strategy emphasizes high quality stocks with above average Cash Flow Return on Invested Capital (CFROI). Relative to growth benchmarks, our process has led us to overweight the Information Technology and Healthcare sectors, and underweight Consumer Discretionary. The portfolio also has zero...

It has been a while since market conditions have compelled us to send a short note like this between quarters. Our intent here, as we have done in the past, is to provide perspective on volatility and offer a few thoughts regarding expectations and how...

2019 was a banner year for both stocks and bonds. In stark contrast to how the end of last year wrapped up, seemingly everything fell into place for stocks in the final quarter this year.  This lifted broad market returns to their best showing since...