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Archived Quarterly Market Reviews

QMR – 2015 Q4

  • Transition from Haberling Financial Group to HFG Trust
  • Discussion of turbulence in 2015
  • Intended economic growth not seen, despite low rates
  • HFG portfolio strategy last year and going forward
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QMR – 2015 Q3

  • Rebound and recovery of US equity markets
  • Value vs. Growth investing
  • Valuations create interest in Emerging Markets
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QMR – 2015 Q2

  • Discussion of risk
  • Averages don’t communicate the entire story
  • Valuation determines future return
  • Valuations are at the top deciles of highs
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QMR – 2015 Q1

  • CFA Society’s Annual Event
  • New brand of Quantitative Easing implemented by European Union
  • HFG’s response to unusual market behavior
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QMR – 2014 Q4

  • 2014 was the 6th straight year of gains for the S&P 500 (13.69%)
  • Since 1928 there have only been three other occurrences of six or more yearly consecutive gains
  • Global stocks had a poor year (EAFE index -4.90%)
  • Intermediate and Long Term interest rates nearing all-times lows
  • Federal Reserve terminates
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QMR – 2014 Q3

  • S&P 500 and Dow Jones Industrial up 1.13% and 0.51%, respectively for the quarter
  • 10 Year Treasury Yield decreased in the 3Q from 2.58 to 2.52
  • Bond Indices have returns of 0.17% for the quarter with YTD return of 4.10%
  • Federal Reserve continues with tapering, but ensures continued suppression of
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QMR – 2014 Q2

  • S&P 500 and DJIA up 5% and 3%, respectively for the quarter
  • 10 Year Treasury Yield declines in 2Q from 2.73% to 2.53%
  • Barclays US Aggregate Index had returns of 2.04% for the quarter and 3.93% Year To Date
  • Stock Market Capitalization to GDP closes at 2nd highest reading since
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QMR – 2014 Q1

  • Overview of Historical Bubbles
  • Significant amount of IPO activity
  • Slight increase in stock and bond prices for the first quarter
  • New Leadership of the Fed Reserve
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QMR – 2013 Q4

  • US stock markets dominated investment performance in comparison to global assets
  • The S&P 500 had a total return of 32%, generated by three components
  • Inflation remained subdued, coming in below 1.5% for the year
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QMR – 2013 Q3

  • Strong global stock market returns for the quarter and year to date
  • Stock price valuations are in the top quintile (this means prices are high related to earnings and sales)
  • Overpriced stock markets are not predictors of short term returns
  • Overpriced stock markets are strongly correlated with low returns, 7-10
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