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December 27, 2018
Market. The current market turmoil does not bother him that much because of his portfolio. He was going to say that but for most participants in the market he wants to be more respectful of volatility. Bottoming is a process. It will only be proven with what goes on from here. This was an area where one would expect a bounce. What counts is what happens next. He would like to look for a bottoming process from here which includes the credit markets stabilizing. The banks should go sideways from here and not down. He is optimistic. Focus on owning higher quality companies for the longer term.
General Market Comment
December 27, 2018
Market. The current market turmoil does not bother him that much because of his portfolio. He was going to say that but for most participants in the market he wants to be more respectful of volatility. Bottoming is a process. It will only be proven with what goes on from here. This was an area where one would expect a bounce. What counts is what happens next. He would like to look for a bottoming process from here which includes the credit markets stabilizing. The banks should go sideways from here and not down. He is optimistic. Focus on owning higher quality companies for the longer term.
David Fingold
VP and Portfolio Manager, Dynamic Funds
COMMENT
COMMENT
December 27, 2018
The US Fed. If the Fed wants to communicate a message clearly, they know how to do it. He thinks they want to continue to run off their balance sheet and to continue to hike. It should be no surprise that volatility is increasing. He thinks they want to have dry powder. He thinks they should be more moderate than they are. The corporate world has never had more cash. He has no corporate bonds in his portfolio. Cash is a much better asset to barbell a portfolio.
General Market Comment
December 27, 2018
The US Fed. If the Fed wants to communicate a message clearly, they know how to do it. He thinks they want to continue to run off their balance sheet and to continue to hike. It should be no surprise that volatility is increasing. He thinks they want to have dry powder. He thinks they should be more moderate than they are. The corporate world has never had more cash. He has no corporate bonds in his portfolio. Cash is a much better asset to barbell a portfolio.
David Fingold
VP and Portfolio Manager, Dynamic Funds
COMMENT
COMMENT
December 27, 2018
American and Canadian markets snapped back after Christmas. New York markets today gave up half the gains of Dec. 26. Lots of volatility based on old-fashioned fear and greed. It's hard to get a sense of what will happen from day to day. Tomorrow is anybody's guess. We just got to ride through it. In 2019, we'll see economic growth slow to 2% in the U.S. (and Europe), but we will see positive growth and earnings. We've seen tax-loss selling lately and algorithms exacerbating the selling. We'll see calmer markets; volatile markets last 3-6 months typically. The U.S. Fed has been quite aggressive with 3-4 rate hikes scheduled for 2019 while selling their bonds. The market is telling the Fed that it's getting ahead of itself. He predicts the Fed will moderate their outlook in reaction.
General Market Comment
December 27, 2018
American and Canadian markets snapped back after Christmas. New York markets today gave up half the gains of Dec. 26. Lots of volatility based on old-fashioned fear and greed. It's hard to get a sense of what will happen from day to day. Tomorrow is anybody's guess. We just got to ride through it. In 2019, we'll see economic growth slow to 2% in the U.S. (and Europe), but we will see positive growth and earnings. We've seen tax-loss selling lately and algorithms exacerbating the selling. We'll see calmer markets; volatile markets last 3-6 months typically. The U.S. Fed has been quite aggressive with 3-4 rate hikes scheduled for 2019 while selling their bonds. The market is telling the Fed that it's getting ahead of itself. He predicts the Fed will moderate their outlook in reaction.
Jamie Murray
Head of research, Murray Wealth Group