Stephen M. Mills, CIMA® PartnerChief Investment StrategistBrad Bays, CIMA® PartnerPIM Portfolio ManagerHighlights: The stock market rebounded from prior year losses in the first 3 quarters of 2023. The U.S. economy continues to show moderate but slowing growth led by consumer spending and a strong labor market. The rate of inflation in the U.S. continues to...... More
The new year brought a more positive tone to the global financial markets as major stock and bond markets recorded gains through the first half of 2023. The Dow Jones Industrial Average (DJIA) posted a year-to-date total return 4.8% through June 30, while the broader-based S&P 500 Index (S&P 500) rebounded from its 20% loss in 2022 to notch an impressive total return of 16.9% over the same time period. As we will discuss in the section on Equities, the strong performance of the S&P 500 was led primarily by a handful of large company growth stocks.... More
Stephen M. Mills, CIMA®PartnerChief Investment StrategistBrad Bays, CIMA® PartnerPIM Portfolio ManagerHighlights: Fears of a banking crisis in the U.S. economy led to higher-than-normal volatility in the financial markets in the first quarter. The Federal Reserve may be soon approaching the point when they will pause interest rate hikes. Inflation pressures in the economy continue to subside....... More
In our TCM 2023 Investment Outlook & Strategy letter, we discuss our current market observations, our forecasts for the upcoming year and our views on investment strategies. Both the U.S. stock and bond markets experienced significant losses in 2023. We believe the U.S. Federal Reserve monetary tightening to combat inflationary pressures in the economy had a lot to do with the negative performance in stocks and bonds. As we begin a new year, we are still facing a continuation of Fed rate-hikes, above normal inflation, and the potential for slower growth in the U.S. economy which could possibly develop into a recession. In our letter, we address both the challenges and opportunities we see for the financial markets for 2023. The letter includes a one page Executive Summary at the beginning. We hope you find this information both helpful and informative.... More
Stephen M. Mills, CIMA® PartnerChief Investment Strategist2022 has been a challenging year for most investors with major stock and bond market averages suffering broad-based losses since early January. The stock market officially entered a bear market in mid-June when the broad-based S&P 500 Index (S&P) hit a level that was 20% below its January 3rd peak.1 ...... More
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