Archived Quarterly Market Reviews
QMR – 2015 Q4
- Transition from Haberling Financial Group to HFG Trust
- Discussion of turbulence in 2015
- Intended economic growth not seen, despite low rates
- HFG portfolio strategy last year and going forward
QMR – 2015 Q3
- Rebound and recovery of US equity markets
- Value vs. Growth investing
- Valuations create interest in Emerging Markets
QMR – 2015 Q2
- Discussion of risk
- Averages don’t communicate the entire story
- Valuation determines future return
- Valuations are at the top deciles of highs
QMR – 2015 Q1
- CFA Society’s Annual Event
- New brand of Quantitative Easing implemented by European Union
- HFG’s response to unusual market behavior
QMR – 2014 Q4
- 2014 was the 6th straight year of gains for the S&P 500 (13.69%)
- Since 1928 there have only been three other occurrences of six or more yearly consecutive gains
- Global stocks had a poor year (EAFE index -4.90%)
- Intermediate and Long Term interest rates nearing all-times lows
- Federal Reserve terminates
QMR – 2014 Q3
- S&P 500 and Dow Jones Industrial up 1.13% and 0.51%, respectively for the quarter
- 10 Year Treasury Yield decreased in the 3Q from 2.58 to 2.52
- Bond Indices have returns of 0.17% for the quarter with YTD return of 4.10%
- Federal Reserve continues with tapering, but ensures continued suppression of
QMR – 2014 Q2
- S&P 500 and DJIA up 5% and 3%, respectively for the quarter
- 10 Year Treasury Yield declines in 2Q from 2.73% to 2.53%
- Barclays US Aggregate Index had returns of 2.04% for the quarter and 3.93% Year To Date
- Stock Market Capitalization to GDP closes at 2nd highest reading since
QMR – 2014 Q1
- Overview of Historical Bubbles
- Significant amount of IPO activity
- Slight increase in stock and bond prices for the first quarter
- New Leadership of the Fed Reserve
QMR – 2013 Q4
- US stock markets dominated investment performance in comparison to global assets
- The S&P 500 had a total return of 32%, generated by three components
- Inflation remained subdued, coming in below 1.5% for the year
QMR – 2013 Q3
- Strong global stock market returns for the quarter and year to date
- Stock price valuations are in the top quintile (this means prices are high related to earnings and sales)
- Overpriced stock markets are not predictors of short term returns
- Overpriced stock markets are strongly correlated with low returns, 7-10