Q2 2017 Quarterly Investment Review

David W. Lemons, CFA
Senior Managing Director, Portfolio Manager

The Mountain is high, the valley is low and you’re confused on which way to go
So I’ve come here to give you a hand and lead you into the Promised Land, so
Come on and take a free ride (free ride)
Free Ride, The Edgar Winter Group, August 1973 

For what seems to be forever, the financial markets have been vexed by historically high valuations of stocks and maddeningly low yields of bonds. As an example, the July 14th, 2016 Wall Street Journal headline proclaimed “A World Turned Upside Down.” That year ago phenomenon is still the status quo for investors. As of the end of this June, benchmark global stock market indices had posted another solid quarterly performance, with many finishing just a notch below all-time highs, and US bond yields had fallen – again. As the chart below also highlights, crude oil saw further declines and gold paused its recent run-up. Read more >