Our Blog

Economic recovery should continue and accelerate through 2021, but the new Covid-19 variants bear careful attention as potential disruptors. Meanwhile, good riddance Mr. Trump.

The back half of 2021 should see our everyday lives begin to return to normal and, with this, a correlated recovery in broad swaths of the economy. I continue to incrementally position portfolios in anticipation.

We shall see if a better entry point is offered in the weeks ahead. Should it occur, I'd use the opportunity to shift portfolios toward a modest overweight in equities. At present, portfolios remain neutral.

Might economic data slow more? Assuredly so I'd suggest. Yet with vaccines beginning to rollout in the coming weeks, the back half of 2021 is set to be strong. Stock markets, as forward looking mechanisms, are looking through the near term challenge.

This development is further fueling optimism that a true "return to normal" will begin to materialize in the second half of 2021.

Nonetheless, in a case of looking through to "the other side", Boeing was added to client portfolios this week.

The light at the end of the tunnel got brighter, while the tunnel itself got darker. Nonetheless, the visibility "to the other side" makes me incrementally more positive on the market outlook... but additions will only be made on market weakness.

Despite the uncertainty of who will be the next U.S. President, markets welcomed the fact that Congress will remain split. Markets also welcomed continued good economic data. But markets are not, in my opinion, properly discounting the Covid surge.

A position in Visa was added at $181/share. Many other names are on my watch list. But with surging Covid-19 caseloads and the real possibility of a contested election next week, it's no time to be a hero. Additions will continue to be incremental.