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Market Outlooks
AAM Viewpoints: Election head fakes & virus bright spots
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As we approach the end of the year it is probably safe to say that few if any have ever experienced a year like 2020. The municipal market also experienced a year like no other with the only recent parallel being – at certain times during the year – the 2008 financial crisis.
Market Outlooks
AAM Viewpoints: Unusual market has historical fortitude
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Stating the obvious, 2020 has not been a business-as-usual kind of year. Within months of its start it became a “year interrupted” by the global outbreak of COVID-19. That alone presented a massive challenge for the economy and potentially set a lasting course change for how business and daily life might be conducted for months and possibly years to come.
Market Outlooks
AAM Viewpoints – The election results are in, but what about equity returns?
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No “hanging chad” this year, but definitely lots of drama and a bit of a delay which of course seems par for the course given the year 2020 has been so far. Currently it looks like the election results point to a victory for former Vice President Joe Biden, but this of course is barring any reversals after recounts in states with close margins and any substantive legal issues.
Market Outlooks
AAM Viewpoints: Time is an investor’s greatest asset
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The New York Stock Exchange was founded over two centuries ago, in 1792. Since its founding, it has faced a plethora of destructive events: The Napoleonic Wars, U.S. Civil War, WWI, The Spanish Flu, The Great Depression, WWII, The Cold War, Korean War, Vietnam war, Gulf Wars, Great Recession, and now the COVID-19 pandemic.
Behavioral Finance
Behavioural Advisor: Does the Election Matter?
The presidential election has generated especially strong emotions this go-around. Both sides fear the other candidate will win and many believe that as a result the economy will go into a death spiral. This fear is driving many investors out of the market, waiting on the sidelines for the outcome. A look at past elections and market returns suggests they’ll be missing out.
Market Outlooks
AAM Viewpoints: Be Ready to Lock-in Yields When The Opportunity Arises
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As the election approaches, market participants are being more cautious about their investment decisions. While there are a lot of market-centric reasons for this approach, there are as many non-market related ones as well.
Market Outlooks
The stock market and the economy: Two different animals
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COVID-19 has cut a swathe through the world economy thanks to government mandated lock-downs and restrictions. No business closes its doors voluntarily and no individuals enjoy confinement to “barracks” for months on end. It is therefore essential that there is an appropriate reckoning when the pandemic passes.
Market Outlooks
The Fed’s new framework and its evolving reaction function
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Amid an accelerating election season, ongoing pandemic and a return to partisan gridlock, the Federal Reserve (Fed) has been a bit less prominent in the news cycle lately. However, at the central bank’s annual August retreat in Jackson Hole, Chairman Jerome Powell announced amendments to the Fed’s Statement on Longer-Run Goals and Monetary Policy Strategy, which had been largely unchanged since 2012. At a recent mini-forum on this topic, we discussed the significance of this change and its implications for future Fed policy and for investors.
Fixed Income Insights
October Fixed Income Market Update
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In our view, while economic data has been generally improving, higher frequency data such as elevated jobless claims and small business employment highlight the risk that the recovery could stall absent additional fiscal stimulus. Given tensions and political posturing entering the last stages of election season, short-term we believe risk premiums should be higher on the margin until resolution of the election.
Market Outlooks
AAM Viewpoints: Can Dividends Help Find A Balance?
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Dividend-paying equities are a cornerstone for many investors. Like many things, 2020 has proven difficult for this segment of the market as returns have been concentrated in other areas and dividend payments have come under pressure.
Market Outlooks
AAM Viewpoints: The Active Non-Transparent ETFS (ANTS) Go Marching
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Despite all the headwinds facing global markets in 2020, the U.S. Exchange-Traded Fund (ETF) market is thriving.
Market Outlooks
AAM Viewpoints: The Housing Market – A Bright Spot in a Challenging Year
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I’ve been riding motorcycles for 47 years and use many of my riding experiences in daily life. Look through the turns, watch for hazards in front of you and expect the unexpected.