All Posts By

Judy Roseberry

Monthly Market Update for February 2016

Thursday, March 17, 2016

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Please find the next blog in our monthly series that provides timely market data as well as perspectives on the current state of the economy and the global financial markets. Global Economy: Recent economic data displayed underlying strength in consumer spending.  US households increased spending against a backdrop of solid income growth, cheap gasoline and rising home values.  A Commerce Department report showed consumer purchases climbed in January by 0.5%, the most in eight months, led by a rise in spending on durable goods such as automobiles.  Wages and salaries advanced 0.6% in January following a 0.2% increase in December. …

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Monthly Market Update for January 2016

Tuesday, February 16, 2016

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Please find the next blog in our monthly series that provides timely market data as well as perspectives on the current state of the economy and the global financial markets. Global Economy: The economy showed a mixed bag of data in January as the nation’s industrial sector has been in steady decline, but strengthening housing and labor markets underscored the general health of the economy.  Cooling demand from overseas markets and a stronger US dollar led to persistent weakness in the manufacturing sector.  The Institute for Supply Management’s (ISM) factory barometer contracted in January for a fourth consecutive month driven…

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Special Market Update

Monday, January 25, 2016

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We write to you on the heels of one of the worst winter snow storms on record which impacted approximately one third of U.S. residents.  First and foremost, our thoughts go out to all those dealing with the aftermath of this deadly storm.  It feels like just last month given the unseasonably warm weather, many were questioning if we would experience winter this year.  This weekend was a reminder that winter does still exist. The stock market has also given investors a reminder to start the New Year…downturns still exist.  The S&P 500 has declined 8% year to date and…

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Update on Hedged Equity Strategies

Thursday, December 17, 2015

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The week ending December 11, 2015 witnessed the return of volatility on Wall Street with the S&P 500 ending its worst week since August with concern about declining commodity prices and the first U.S. interest rate hike in nearly a decade. In our last post, we reviewed thoughts on making money in a sideways moving market.  Specifically, we recommended seeking active management strategies in the portfolio. Two hedged equity strategies that our investment committee is using are ABS Investment Management and the Glenmede Secured Options fund.  Both managers are examples of active strategies that can add return while taking less…

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Making Money in a Sideways Market

Tuesday, December 1, 2015

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Consensus forecasts, including our own, are for financial markets to offer below historical level market returns over the mid-term (next 5-7 years).  This year has been an example of this theme with the S&P 500 up 3.4% and the Barclays Aggregate bond index up 0.68% through November 20th. With this in mind, three thoughts on making money in a “sideways market”: 1. Collect your dividends and interest – Dividends and interest are an essential part of returns for investors.  Currently, the S&P 500 dividend yield is 2%, the MSCI EAFE is 3% and the 10 year U.S. Treasury bond index is…

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Monthly Market Update for October 2015

Thursday, November 19, 2015

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Please find the next blog in our monthly series that provides timely market data as well as perspectives on the current state of the economy and the global financial markets. Global Economy: U.S. economic activity gained momentum driven by strong consumer and business demand even as weak global sales held back exports and manufacturing.  The economy expanded at a 1.5% annualized rate during the third quarter.  A resilient consumer was masked by a major reduction in corporate inventories.  Consumer spending grew an estimated 3.2% as consumers benefited from cheaper gas prices and income gains.  However, companies reduced inventories by an…

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Monthly Market Update for September 2015

Thursday, October 15, 2015

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Please find the next blog in our monthly series that provides timely market data as well as perspectives on the current state of the economy and the global financial markets. Global Economy: The pace of growth in the US economy cooled in September as the rising US dollar constrained business activity and lowered the cost competitiveness of US exporters.  The US economy added fewer jobs than projected in September, while wage growth was stagnate and the unemployment rate was unchanged.  Job growth was 142,000 versus forecasted growth of 200,000.  This followed a downward revision for August to 136,000 from the…

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Monthly Market Update for August 2015

Wednesday, September 16, 2015

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Please find the next blog in our monthly series that provides timely market data as well as perspectives on the current state of the economy and the global financial markets. Global Economy: Second quarter growth was stronger than first reported on larger gains in consumer and business spending and a buildup of inventories.  Inventory accumulation is typically a sign that companies have confidence in their outlooks for business activity.  Gross domestic product rose at a 3.7% annualized rate, up from the 2.3% estimate that the Commerce Department reported last month.  The biggest driver of the upward revision was larger gains…

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Recent Market Sell-Off

Thursday, August 27, 2015

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Recent Market Sell-Off Comments The recent sell-off started in China with concerns about economic growth rates and the impact China slowing may have on the rest of the global economy.  The immediate impact was on commodity driven economies and commodity assets but the selling pressure has moved from emerging markets to Europe, Japan and now the U.S. market.  We view the initial decline in assets as a rational response to weaker growth and concerns over China’s economy, but the more recent drops may be excessive especially in non-China markets.  Fears about the Fed raising short term interest rates in the…

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Monthly Market Update for July 2015

Wednesday, August 19, 2015

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Please find the next blog in our monthly series that provides timely market data as well as perspectives on the current state of the economy and the global financial markets. Global Economy: The world’s largest economy expanded at a faster pace in the second quarter, as consumer spending grew more than projected.  Gross Domestic Product (GDP) rose at a 2.3% annualized rate and the first quarter estimate was revised to positive territory at 0.6%.  Business spending remained weak, with investment excluding residential construction dropping 0.6%, the worst decline since the third quarter of 2012. Manufacturing activity also cooled as the…

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