Market Pulse Report, Investment Strategy Group, February 2010
Given how far the recovery has progressed, we feel there is now much less catastrophic downside risk to equities and the global economy than there was a year ago. That being said, there are still plenty of things that could throw a wrench into the mix, such as the government fiscal worries in Europe or the weak labor market in the U.S.

Market Pulse Report, Investment Strategy Group, January 2010
With the recession considered to be over, a key focus for many investors has turned to the shape of the recovery. Even as it was reported that the U.S. economy grew at a 5.7% rate in Q4, the fastest pace in more than six years, some pointed out that it was meager compared with prior recoveries and buoyed mostly by a declining rate of inventory reductions.

Quarterly Market Overview, Investment Strategy Group, December 2009
Financial markets wrapped up 2009 on a strong note as investors gained confidence that the worst of the credit crisis and recession is in the past. As with the prior two quarters, nearly every major asset class rose, including equities, corporate bonds, real estate and commodities. Nevertheless, U.S. large cap stocks remain some 25% off their 2007 highs.

Market Pulse Report, Investment Strategy Group, December 2009
With 2009 in the rear-view mirror, we go into the New Year feeling that there is a high level of risk embedded in many asset classes, stocks in particular. The heightened risk in equities has led us to reduce pure long-only equity exposure, to seek out portfolio growth in less market oriented strategies (hedged strategies) and to having a healthy diversification component in credit and real assets.

Market Pulse Report, Investment Strategy Group, November 2009
While December is generally a good month for the stocks (Santa Claus rally, anyone?), we have concerns heading into 2010 regarding the sustainability of this rally in the face of questionable consumer sentiment and whether all of the impact from the massive deleveraging cycle has been fully felt.

Market Pulse Report, Investment Strategy Group, October 2009
Even though Q3 U.S. GDP came in better than expected and confirmed for many that the recession is over (increasing at 3.5% annualized rate, the first positive mark in over a year and the fastest pace in two years), concerns about the sustainability of economic growth and future consumer spending remain.

Financial Market History, Investment Strategy Group, September 2009
A great compilation of historical data providing a comprehensive snapshot of the market from many angles over time. It is great to step back from the microscope and take a look back at history to identify whether it is really different this time, or whether we have been through this before.

Quarterly Market Overview, Investment Strategy Group, September 2009
Financial markets continued to rally in the third quarter of 2009 as investors gained confidence that the worst of the recession is over. Nearly every major asset class rose, including equities, bonds, real estate and commodities, as investors sought out better returns than near-zero yielding cash.

Market Pulse Report, Investment Strategy Group, September 2009
Now that the Fed has begun peeling back some of the layers of stimulus (such as cashfor-clunkers, Treasury buying programs and first-time home buyer tax credits), we find ourselves asking what might continue to drive equity markets higher? Fundamentals do not seem very supportive.

Market Pulse Report, Investment Strategy Group, August 2009
As the painful memories of the sharp decline earlier in the year fade, many investors, frustrated to have missed out on the equity rally from the March lows, continue to look to put cash to work.  We see plenty of reasons to remain on guard, however, especially as the September/October timeframe has frequently been very unkind to stock markets.

Market Pulse Report, Investment Strategy Group, July 2009
Corporate earnings are down but not as much as expected, and that has sent stocks soaring as a glut of cash that has been on the sidelines is being put back to work. So far, however, earnings outperformance has been driven by lowered expectations and cost cutting...

Market Pulse Report, Investment Strategy Group, June 2009
The stock market's rally has stalled a bit as investors take a breather and wait for signs that the economy is actually growing rather than simply not getting any worse.  Any indications that the economy's rebound is not as robust as hoped for might be negatively received...

Financial Market History, Investment Strategy Group, June 2009
The Financial Market History provides a big picture, 50,000 foot view of the markets over time.  We often get caught up on the shorter term view and forget the lessons we have learned in the past...

Quarterly Market Overview, Investment Strategy Group, June 2009
Financial markets soared in the second quarter of 2009 as the risks of a systematic global financial meltdown appear to have abated. Nearly all asset classes other than Treasuries benefited from increased investor risk appetite as Armageddon scenarios were taken off the table. In the U.S., the economy has showed signs of...