Previously in the Market
January 2024: Shifting Tides?
"The beginning is always today."
- Mary Wollstonecraft Shelley
Markets finished the year on a high note. Steady economic growth surprised many (not us), and a dovish shift in Fed posture spurred a rising tide that benefitted stocks and bonds alike. We continue to believe the themes that dominated the year, from historically concentrated markets to the sharp tightening of financial conditions, are shifting. How will these shifting tides impact the markets' momentum? How should investors be positioned to start the New Year?
February 2024: New High, Old Narrative
"The surest test of discipline is its absence."
- Clara Barton
After a two-year swing, many indices are now reaching fresh all-time highs. Resilient economic growth, surging mega-cap technology stocks, and optimism surrounding peaking interest rates have catalyzed the move. Now widely discussed, these tailwinds have moved from unlikely to consensus. Can the fresh highs in the market be sustained by an aging narrative? What does history tell us about new highs, and how should investors be positioned for the next chapter?
March 2024: Earnings March, Into March
"The greatest danger for most of us is not that our aim is too high, and we miss it, but that it is too low and we reach it."
- Michelangelo
Another corporate earnings season has drawn to a close, and with it some key investment takeaways. Encouragingly, both revenue and earnings far surpassed original expectations. Resilient economic growth, surging AI-demand and continued consumer spending were notable contributors. Can earnings growth rates be sustained? What are the catalysts for sustained improvement in corporate profitability?