TIMELY PM UPDATES
What Is the Yield Curve Telling Us?
The longest continuous yield curve inversion has finally come to an end. Or has it? The answer depends on how you measure it. That’s just one of my gripes with the yield curve inversion as an economic indicator…
Growth to Value: From One Extreme to Another
After a decade of tech dominance, we’re seeing a major rotation in the market. Large-cap growth stocks, led by giants like Microsoft, have recently been overshadowed as money flows into small-cap value stocks. Over just two weeks following the…
VIDEO: Short-term reaction or a longer-term trend change?
Over the last decade, the largest tech companies have consistently and significantly outperformed the rest of the market. Last week, seemingly catalyzed by the July 8th CPI report, we saw a complete unwind of the trade…
2Q24 Market & Strategy Review: Betting on Broadening
By many measures market indices sit at extremes. Concentration and the outperformance of growth stocks are both at historic highs—reminiscent of the tech bubble. While the valuations of the largest companies have expand…
1Q24 Review – Decathlon Core Holdings Outperformed in a Strong Market, while a New Portfolio Looks to Capitalize on Changing Market Dynamics
The Decathlon strategies had an excellent quarter with all asset allocation models beating their asset mixture benchmarks (on a net and gross basis). This was achieved despite below neutral equity exposure for most of the quarter. Once again…
4Q23 Review and Outlook – Moving Beyond Inflation: narrow winners drove a strong market in 2023 but can the economy deliver?
We expect the best opportunities of 2024 to be outside of the largest U.S. companies. This could bode well for active management as it would mean more securities that outperform passive indices rather than less. We are well positioned…
AI and the SEC: 6 Steps to Get Ahead of the AI Rule
Artificial Intelligence as an investment concept has exploded this year with the increasing commercialization of products like Chat GPT and Dall-E. As companies and consumers have adapted the new technologies, the SEC is…
3Q23 Review and Outlook: Narrow Market Leadership, “Higher for Longer” Interest Rates, and a Potential New Wave of Inflation
The majority of the returns of the S&P year-to-date can be attributed to just 7 companies. The tailwind that government stimulus provided to the economy is likely over given current deficits and the high…
BCM 2Q23 Market Commentary: Will economic fundamentals support the new wave of optimism?
The prospect of an AI-fueled investment cycle as well as strong May jobs numbers propelled the market higher in Q2. Although we believe that many companies have already re-calibrated for a changing economic…
BCM 1Q23 Market Commentary: Rapid Rate Hikes and their Role in the Banking Crisis
We remain in a somewhat uncharted investment environment with new crises occurring almost quarterly. These have been catalyzed in some part by the Federal Reserve’s obsession with inflation and their urgent…