Adam Steffanus, CFA

What Does the First Rate Cut Mean for Stocks?

by Adam Steffanus, CFA on September 10, 2024

A Recession is Process not an Event Recessions are a reflexive process defined by the labor market, the timing of which is dependent on when people start losing jobs. Confidence and spending then decline which ultimately feed into corporate earnings – the main driver for stock prices.

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Why Money Market Liquidity Might be a 2025 Story

by Adam Steffanus, CFA on February 08, 2024

JANUARY 2024 Equities benefit when rates fall, and liquidity exits the money market On a calendar year basis, the S&P 500 performed well during years after the end of a Federal Reserve tightening cycle when money market (“MM”) flows were negative by at least 7%. Considering 2023 s …

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Simplify your Allocation

by Adam Steffanus, CFA on December 14, 2023

September 2023 A single global equity portfolio may be all the exposure you need 30 years ago, equities were a complicated asset class, but today, there is a much wider opportunity set of more complex and illiquid alternatives. In that case, simplifying your equity allocation to a sin …

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