Research

Raising Forecasts…Again | Weekly Market Commentary | April 5, 2021

The U.S. economy’s recovery from the pandemic continues to surpass our expectations, aided by the accelerating vaccine distribution, massive stimulus, and America’s desire to resume some semblance of normal daily life. Despite having raised our 2021 economic and...

Client Letter | Spring Into A Positive Outlook | April 1, 2021

Dear Valued Investor, “The real key to making money in stocks is not to get scared out of them.” Peter Lynch They say April showers bring May flowers. Well, after a lot of showers and storms over the past year, flowers are starting to bloom and things are looking a...

Global Portfolio Strategy | March 9, 2021

Our year-end S&P 500 Index fair value target range remains 4,050–4,100, based on a price-to-earnings (PE) multiple of 21 and our 2022 S&P 500 earnings forecast of $195 per share. Recall that we raised our S&P 500 fair value target last month due to our...