Latest Quarterly Commentary

Portfolio Comments
For the Quarter Ending September 30, 2019


In his 1936 book, The General Theory of Employment, Interest and Money, British economist, John Maynard Keynes attributed the term ‘animal spirits’ to the unseen forces that influence human conduct, including investment decisions and consumer behavior. Specifically, he wrote that decisions are often “taken as the result of animal spirits – a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.” And so it seems, over this past quarter that the U.S. equity markets have lurched up and down by turn, but ultimately sideways, seemingly driven by oscillating sentiment towards economic and political news. While others interpret and emote, we, as value investors place even greater stead in our facts-based, fundamental analytical approach and do not feel compelled to act for the sake of it. That said, there’s been no shortage of headlines to react to. Continue reading

Stolper adds Strategic Equity Portfolio

In December 2017, Stolper Asset Management added a fourth portfolio, the Strategic Equity Portfolio, to its managed programs.  The portfolio’s primary objective is to provide investors with broad, but selective, exposure to both domestic and international equity markets.

2016 Delivered Surprises and Positive Returns

After a rocky start to the year, 2016 proved to be a decidedly positive one for the broad U.S. equity markets as well as the portfolios in Stolper Asset Management’s managed programs.  Contrary to most predictions, the November 2016 American Presidential election victory went to the Republican candidate Donald Trump and the equity markets reacted favorably to the change in regime.  The new presidency brings with it plans to cut personal and corporate taxes, increase defense and infrastructure spending, reduce regulation in a number of sectors, and bring changes to healthcare and immigration.  Concurrently, the expectation is for more interest rate rises going forward.  The hoped-for result is accelerated growth and a more robust domestic economy.  Positive macro changes are always welcome but, as always, regardless of the prevailing environment we are committed to seeking to identify quality investment opportunities based on fundamental analysis.  May the coming year be healthy and prosperous for you!

Any opinions are those of Jon Stolper and not necessarily those of RJFS or Raymond James.  Expression of opinion are as of this date and are subject to change without notice.  The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.  There is no assurance that any of the trends mentioned will continue in the future.