One of the things we think about in constructing client investment portfolios is the appropriate weighting in large versus small capitalization stocks. In recent quarters, we have favored large versus small capitalization stocks for a number of reasons. Specifically, large stocks have a lower beta (i.e. level of market volatility), large cap stocks pay higher […]
Yesterday the Conference Board released its latest Consumer Confidence Index and as you can see in the chart below, the index fell significantly during the latest month. Business lockdowns, volatile financial markets, rising unemployment and stay-at-home orders all took their toll on consumers last month. Reflecting these worries, the Conference Board’s Consumer Confidence Index (which […]
Over the past several weeks, COVID-19 has had a widespread impact on both the U.S. and global economy. In the latest RDM market Blog, I wanted to briefly highlight both the positives and negatives based on where we are today. Positives The fiscal response to the crisis has been rapid and very large (equal […]
Over the past several years, fixed income returns have been fairly stable although actual returns have varied somewhat from year to year. However, over the past decade-long economic expansion, there have been a few occasions when the economy weakened for a period of time and credit spreads (i.e. the difference between the yield on U.S. […]
“From the Desk of Michael Sheldon, CIO” Investor fear is setting in as the COVID-19 outbreak has officially reached “pandemic” status according to the World Health Organization (WHO). The market volatility that we have seen the past few weeks has been caused by uncertainty. What will the overall impact of COVID–19 be, how long […]
“From the Desk of Michael Sheldon, CIO” Yesterday’s market performance was certainly welcome news but more importantly, highlights that it is challenging to try and forecast the market’s direction on a short-term basis. Today, the Federal Reserve Bank, acting out of appropriate caution, decisively reduced rates by ½ percent. We both hoped and expected […]
“From the Desk of Michael Sheldon, CIO” News that the Coronavirus has continued to spread has led to some volatility in equity markets over the past few days. For reference, on a year to date basis (as of the close on 1/28/20), the S & P 500 is up 1.51%, the Nasdaq Composite index is […]
“From the Desk of Michael Sheldon, CIO” After months of negotiating, the U.S. and China announced that a trade deal had been reached on December 13, 2019. U.S. Trade Representative Lighthizer indicated that a final deal could be signed between the two sides some-time in January, 2020. It’s still unclear what the final version […]
“From the Desk of Michael Sheldon, CIO” Three Charts I am watching…. The chart above represents the XME SPDR metals and mining ETF that holds 27 stocks in the metals and mining industry (source: Factset). These companies produce […]
“From the Desk of Michael Sheldon, CIO” The Fed As widely expected, The Federal Reserve Bank cut interest rates for a third time this year as expected to a new range of between 1.50% and 1.75%. The central bank has now reduced short term rates by 75 basis points […]
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This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.
All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and Hightower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.
This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of Hightower Advisors, LLC, or any of its affiliates.
about the author
began his financial career in 1988 and is currently the team's Chief Investment Officer. He is responsible for providing global investment strategy, creating asset allocation models and monitoring the team's investment holdings. Mr. Sheldon graduated from Vassar College in 1988 and received a degree in economics (with honors). Michael possesses series 7, 63 and 24 licenses, is a member of the New York Society of Security Analysts, is a Chartered Financial Analyst (CFA®) and has achieved the Financial Risk Management (FRM) designation.