Don Cassidy
Don Cassidy
fickle investors
We said it would be a stock-picker's year, and it was. Investors were particularly fickle and short-term driven.
banks clearly drive factor financial five growth helping large leading shift six value year
We thought there'd be a shift to growth this year because value had been leading for five or six years, but we also thought there would be a shift to large caps, which clearly hasn't happened. Meanwhile, value-oriented sectors such as financial services, banks and brokers haven't been strong, another factor helping to drive growth over value.
backward business conditions guess investors last paying tend
Too many investors tend to be backward looking. You can't just say they declared the quarterly dividend for the last 10 years, I guess they're going to keep paying it. Think about what the business conditions are.
begun climate rally solid stocks year
This year the month's psychological climate also benefited from a solid rally in stocks that had begun in mid-October.
based culture driven insurance performance problem sales scheme
It's the same problem in the insurance business. It's driven by a sales culture where you get compensated for volume, so you don't get a compensation scheme based on performance excellence.
green opinion shocked
It's my opinion he will get a green card. I'd be very shocked if he didn't.
company fairly raises
It shouldn't be a surprise. A company that consistently raises its distribution is a company that's doing fairly well.
area best call information informed likely tough
It's a tough area to get information on. Even if you call your broker, it's not likely the thing they're best informed on.
time
This probably isn't the time to go heavily into leveraged funds.
buy higher stomach whenever
Whenever you buy any kind of sector, you have to have the stomach for higher volatility.
anywhere caution
There wasn't really anywhere to go this quarter. And there's still a lot of caution out there.
bull energy entering fourth housing leaders market running seem
This bull market is now entering its fourth year, and it is getting tired. The old leaders of this market -- energy and housing -- seem to be running out of gas.
confidence investing maybe quarter tells
I think it tells you a lot about the confidence you can have investing overseas. And maybe a little about the kind of quarter we had here at home.
beat begin developing gets growth large lead market next people rotation tech tired whatever
If the market is going to go up next year, it's going to take some rotation of leadership. You can't have the same thing lead forever, people get tired of doing it and whatever it is, it gets overpriced. We see a rotation into tech names, just because it's been a laggard. The other things we see developing is that large will probably outrun small, and we think growth will begin to beat value.