Market Quiz: How Close Can You Guess 2021 Returns?

Market Quiz: How Close Can You Guess 2021 Returns?

Few would quibble that 2021 was a strong year for stocks. But how strong, and where did those returns come from? Take a guess on the 2021 returns for the four indices below, then scroll down to see the actual numbers, and our perspective on what it means.

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Our Three Most Popular Blogs of 2021

Our Three Most Popular Blogs of 2021

As the calendar flips to 2022, we wanted to offer a quick look back at some of our most popular blogs from the prior year. They cover issues that are still salient today. Below you’ll find prior blogs on the emergence of meme stocks, the unusual dominance by large cap stocks, and the story of...

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Markets within Markets: Three Charts that Put Stock Divergences in Perspective

Markets within Markets: Three Charts that Put Stock Divergences in Perspective

Rarely can entire markets be characterized by a broad, sweeping statement. Instead, we often find there are “markets within markets” – pockets of the stock universe that are behaving quite differently than the broader group. Often, these pockets are the areas that offer the most opportunity for...

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Defining Defensive: Low Beta, or Counter-Cyclical?

Defining Defensive: Low Beta, or Counter-Cyclical?

With U.S. equities closing in on records again, and with stocks in bull market territory for the better part of the last 13 years, many investors may wonder how “defensive” their equity portfolio is. It’s not an easy question, as there is more than one way to define it.

Our own definition of...

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Behind the Trade: From Idea Generation to Stock Sale at Prospector

Behind the Trade: From Idea Generation to Stock Sale at Prospector

It’s not easy for a stock to make it into a Prospector portfolio. In short, making it into a Prospector portfolio is a long, rigorous process … as it should be for any active manager. While no stock arrives at this destination through the exact same course, we strove to give interested prospects...

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Perspective on Stagflation Potential

Perspective on Stagflation Potential

Cases of whiplash must have spiked lately. In a few short months, market commentators have abruptly transitioned from: “inflation is transitory” to “inflation might be more persistent” and now “prepare for stagflation!”

So what’s behind the change in sentiment?

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Charts of the Month: Perspective on the Large Cap Rotation

Charts of the Month: Perspective on the Large Cap Rotation

Small cap stocks enjoyed a brief leadership position over large caps as the U.S. emerged from the recession, but the rotation has been short lived. Large caps have come into favor again, resuming a run of dominance that was in place before the pandemic.

A couple of charts below show how unusual...

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Does the Bank M&A Wave Still Have Legs?

Does the Bank M&A Wave Still Have Legs?

Banks are on pace for their biggest year of M&A activity, in terms of dollar volume since the financial crisis, confirming one of our investment theses for the industry. And we expect the spate of deals to continue, as several factors drive consolidation among small- and mid-sized banks.

As the...

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Investment Lessons from China Evergrande’s Troubles

Investment Lessons from China Evergrande’s Troubles

Real estate developer China Evergrande has been a source of volatility in recent weeks, as the market gauges the economic fallout if the company defaults on its debt and the government doesn’t step in to help the struggling firm.

Like any investor, we hope the company’s problems are not a source...

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Last Week’s Volatility Raises Questions About Downside Capture

Last Week’s Volatility Raises Questions About Downside Capture

Stocks recovered quickly from initial fears about COVD-19 and have continued to climb higher for the better part of the last year and a half. But volatile moments such as last week, when the S&P 500 registered its largest intra-day decline since January, serve as a reminder that a strategy’s...

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The views described herein do not constitute investment advice, are not a guarantee of future performance, and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Investing involves risk, including loss of principal. Investors should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. Please review the offering memorandum or prospectus of a Fund for a complete discussion of the Fund’s risks which include, but are not limited to: possible loss of principal amount invested; stock market risk; value risk; interest rate risk; income risk; credit risk; foreign securities risk; currency risk and derivatives risk.

Nothing contained herein constitutes investment, legal, tax, or other advice nor should be relied upon in making an investment or other decision. Any projections, outlooks or estimates contained herein are forward looking statements based upon specific assumptions and should not be construed as indicative of any actual events that have occurred or may occur. 

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