Research

Investment Strategy
by Larry Adam
Chief Investment Officer, Private Client Group

Weekly Headings

October 18, 2019

Key Takeaways

The fall marathon season is underway, with runners having competed or planning to compete in one of the many marathons across the country, including Chicago, Baltimore, Detroit, Columbus and DC. One ‘run’ that has yet to be completed is the current equity bull marathon which is the second longest in our history (127 months), but the strongest from a total return perspective at this point of the cycle (+453% since its March 9, 2009 inception). Just as a marathon runner needs disciplined training and proper nutrition to be successful on race day, the equity market needs a positive economic outlook, attractive valuations, supportive corporate activity, and strong earnings growth to continue its run to new record highs. With 3Q earnings season set to ‘fuel’ the near-term headlines, we reflect on the results thus far and highlight some of our expectations moving forward.

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