19 min readIntroduction By Lance Pan, CFA 2024 was a remarkable year for financial markets in many respects. The estimated 2.7% growth in real gross domestic product (GDP) nearly doubled the Federal Reserve’s median projection of 1.4% a year earlier.[1] The S&P 500 stock index rose 23.3% on the heels of an equally impressive gain of 24.2%…
19 min readDOWNLOAD FULL REPORT Introduction By Lance Pan, CFA “It was the best of times, it was the worst of times.” As the new year approaches and I prepare this introduction to our annual market outlook on cash investments, I can’t think of a better way to describe the past year than this quote by Charles…
4 min readAbstract We select Trumponomics, the debt ceiling rollercoaster and geopolitics as three main themes to watch in 2017. Federal stimulus may in fact be underwhelming and a stronger dollar and trade wars may further erode the effect of increased government spending. The immense size of government money market funds ($2.2 trillion) may present challenges throughout…
2 min readAbstract The three new trends we watch out for in 2015 include the start of an interest rate tightening cycle, consequences of worsening supply shortage, and resurging geopolitical uncertainties. We recommend moderate portfolio duration and a laddered portfolio structure. Other suitable tools may include callable securities, floating rate notes and bonds with putable and callable…