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Quarterly Commentary


Quarterly Economic and Market Review

Good morning:

Linked please find our third quarter 2019 Economic and Market Review.

From an economic perspective it seems the U.S. is an island. Many nations in Asia and Europe are muddling along or already in a recession while we continue to turn in respectable economic performance. GDP remains in the 2.0% range while other indicators such as unemployment, consumer spending and inflation are, to be frank, excellent. Of course, geopolitics remains the ‘cloud on the horizon’ while our own political season continues to accelerate.

As I state inside, we witnessed a changing of the guard over the past three months as REITs outperformed most everything else and bonds more than doubled the return of stocks. Other asset classes such as commodities, emerging markets and small caps experienced losses.

It is with a sense of excitement that we look ahead for opportunities as the inevitable bouts of volatility crop up along with other events, both positive and negative. In this environment, we continue to provide clientele our institutionally oriented investment advice and portfolio management.

Thank you for your continued association with Strategies Capital Management.

-David Halseth, Chief Investment Officer and Founding Partner

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Quarterly Economic & Market Review

Dear Reader:

Linked is our second quarter 2019 Economic & Market Review. As you will see inside, the domestic economy continues to perform admirably in the face of geopolitical uncertainties and slowdowns in parts of Europe and Asia. Meanwhile, the FOMC has reversed course from 2018, with the first potential rate cut on the horizon.

This has translated into solid equity returns over the second quarter, with the first half of 2019 nearly erasing memories of the previous year. Bonds have, likewise, also provided some gains, yet a significant part of the yield curve remains inverted and that is not sustainable. Finally, alternative assets were a mixed bag for the quarter as return enhancing vehicles disappointed while risk reducers provided fixed-income like returns.

Looking ahead is always fraught with peril and, suffice to say, this period is not unlike many others. It is with this inevitable uncertainty that we are presenting to you multiple economic and market data points from which to provide historical reference. And with reference, one may hopefully have a clearer picture of the future. As eloquently stated by George Santayana, “Those who cannot remember the past are condemned to repeat it”

Thank you for your continued association with Strategies Capital Management.

David Halseth
Founding Partner and CIO

Quarterly Newsletter

Dear Reader:

Attached please find our most recent Economic and Market Review for the first quarter. As you may know, this piece has over 80 data points that can help discern recent events in the economy and various markets. Spanning from the latest GDP and inflation figures to equity, fixed-income and alternative asset classes, this update can be used as a reference point when reviewing capital market investments. In addition, our concise commentary provides relevant information without lingering for so long that you may not have the time to read it.

We have been producing this piece for over 26 years now and believe it has withstood the test of time, as has our firm in an age where companies seem to come and go at an increasing pace. And to that end, we are excited to announce the latest improvement in our portfolio management and trading software. As we implement this system over the coming months, we look forward to increased operational efficiencies on our end while, just as importantly, providing clients with a significantly enhanced reporting experience that can be viewed from nearly any device in real time.

The capital markets continue to evolve while throwing investors the inevitable curve balls. This is but one reason why it’s critical as investment advisors that we stay ahead of the curve and guide clients down the correct path. This is what we are all about.

As always, thank you for your continued association with Strategies Capital Management.

David Halseth

Founding Partner and CIO

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Address: 1525 Raleigh Street, Suite 200
Denver, CO 80204

Phone: 303-926-9600

Strategies Capital Management

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