Pence Perspective

Pence Wealth Management publishes Pence Perspectives, our flagship research report covering the latest macroeconomic trends. In each issue, Pence Wealth Management professionals provide market commentary assessing key economic drivers, risks, and near to-midterm investment opportunities. Leverage the insights of our trusted advisors to navigate even the most challenging markets.

Pence Perspective | August 2016

2020-05-27T11:01:52-07:00

Pence Perspective | August 2016 Bottom Line Up Front: In June, we suggested that the market would go down 5% before it would go up 10%. That was the case in the aftermath of Brexit. The decline was fast, violent, and short-lived. From the Brexit-low, the S&P 500 Index has rallied 9.7% and the market has reached an all-time high. The lessons of the last two years have shown us that being tactical is very important even for the long-term investors. For the past two years, we have had a 10% or more downturn between July and November. [...]

Pence Perspective | August 20162020-05-27T11:01:52-07:00

Pence Perspective | June 2016

2020-05-27T11:03:20-07:00

Pence Perspective | June 2016 Bottom Line Up Front: Given recent market volatility and the present level of uncertainty among investors, we believe it is prudent to maintain a somewhat larger position than normal in cash or short-duration bonds. Cash continues to be attractive for three reasons. First, with yields on the usual fixed-income options near historic lows, the opportunity cost of holding cash is lower today than before the Great Recession. Second, markets are exhibiting unusual patterns of volatility driven primarily by sentiment: market moves are highly susceptible to each news headline. Given high valuations and profit [...]

Pence Perspective | June 20162020-05-27T11:03:20-07:00

Pence Perspective | May 2016

2020-05-27T01:23:02-07:00

Pence Perspective | May 2016 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 us at the Hotel Irvine on February 18 to discuss his recently published book, The Only Game in Town:  Central Banks, Instability, and Avoiding the Next Collapse. Mohamed is the chair of President Obama’s Global Development Council and chief economic adviser at Allianz, the corporate parent of PIMCO, where he was previously the chief executive officer and co-chief investment officer.  Foreign Policy named Mohamed [...]

Pence Perspective | May 20162020-05-27T01:23:02-07:00