Fund Flows

Most armchair strategists started May by saying that 2016 was the year the old “sell in May and go away” adage would hold true, thanks to a laundry list of issues: Weak global economic growth, at least two Fed rate hikes, Brexit and Clinton vs. Trump, which were all supposed to knock equities down and send investors running for cover.
The stars perfectly aligned in 2016 as investors descended on Omaha in late April to hear from the “Oracle of Omaha” just as Apple’s (AAPL) disastrous earnings release crossed the wires and sent the stock plummeting roughly 11% in one week, wiping out more than $60 billion in market capitalization.
Fed Chair Janet Yellen and the rest of the Federal Open Markets Committee (FOMC) are walking a fine line right now between being overly accommodative and choking off the recovery, but even we were surprised at the ultra-dovish tone she adopted during a March 29 speech that helped to further weaken the dollar.
The one error that both investors and generals often commit is a tendency toward always fighting the last war.
Another failed rally by energy stocks in late January followed almost immediately by the Super Bowl made us wonder, what do energy stocks and the Buffalo Bills have in common?

Forecasting isn’t a big part of what we do at our shop; mostly because a graph of any forecaster’s predictive ability from one year to the next would show a down sloping function between their accu

Follow the money
Profit taking among healthcare funds wasn’t a surprise as global equity markets shuddered in August, but one remarkable development was positive flows into the downtrodden energy sector.
Domestic equity markets have been eerily quiet in the first half of 2015 despite the merger mania that saw more than 4,600 M&A deals worth $875 billion announced in the first five months of the year.
Follow the money