Pence Quarterly Newsletter | 2020 Q1 Click to View PDF Version Executive Summary: 2019 was one of the greatest years for stocks. The S&P 500 was up 28.9% (or 31.5% including dividends), the second highest return since 1997 or fifth highest return since 1958. For 2020, we expect between high single-digit and low double-digit stock […]
Clear Eyes, Steady Hands Click to View PDF Version Executive Summary: We think 2019 will be a positive year for stocks but expect continued market volatility We expect one rate hike from the Federal Reserve in 2019 We do not expect a recession in the United States in 2019 or 2020 We expect a short-term resolution on trade tensions Bottom Line Up Front: A good […]
More Reasons To Be Optimistic Click to View PDF Version Bottom Line Up Front: Rising interest rates and escalating trade tensions have contributed to an increase in equity volatility during the first half in 2018. This will most likely continue until (and after) the November mid-term elections. Meanwhile, markets are expected to continue to […]
The U.S. stock market has been mostly smooth sailing and major stock indices are positive for the year. Meanwhile, we have had the lowest daily decline (the smallest maximum drawdown) in the history of the S&P 500 index.[2
If there is one thing that investors dislike more than bad news, it is uncertainty. As we stated in our April newsletter, the US economy is currently in the Implementation Stage, where financial markets eagerly await Congress to enact President Trump’s policy agenda.
Unofficial election results indicate that Hillary Clinton got 5 million fewer votes than Obama did eight years ago, the voter turnout in this election was lower than the previous two.
In June, we suggested that the market would go down 5% before it would go up 10%.
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Pence Perspectives May 2016 Here is our recently published, Pence Perspectives April 2016. To get the full Perspective, click “Sign Up Here” to View & Download the PDF. version. Views of Mohamed El-Erian, Our Guest of Honor, on Markets, Economics and the Political Environment For our first Thought Leaders Conference, we were pleased to have Mohamed El-Erian join […]