Our Third Quarter review of the markets is presented by Joseph F. Hickey, CFA, Director of Equity Strategy and David G. Carroll, CFA, Senior Portfolio Manager.
- different asset class returns and factors that contributed to both their positive returns in the first half of 2015 and their negative returns in the third quarter;
- based on statistics for vehicle sales, housing sales and unemployment, the U.S. economy is continuing to grow, although slowly;
- how the China economy is slowing and how that slow-down will affect economies worldwide.
Dave points out:
- how equity valuations have fallen to below the 25-year average due to the correction last month; but that historically, low interest rates have brought about above average equity valuations;
- the correlation between equity prices and the rising interest rate environment and their effect on stock prices;
- what has happened over the past three years to affect the corporate bond market and why we think that they are currently fairly valued.
We hope that the presentation brings some clarity to what’s going on and how we are thinking about portfolio positioning.