MCM Market Outlook
| 4th Quarter 2003 Newsletter |
January 09, 2004 |
It is a broad based recovery supported by low interest rates and a strong liquid international banking system. Corporate profits are expected to increase 15% or more this year as the world's economies continue to expand.
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| Market Outlook: Why Own Stocks? | By Fred Mitchell, CFA
December 15, 2003 |
Since 1926, the annual return on common stocks has averaged a little over 10%, almost twice the return available from bonds.
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| Market Outlook: Sustainable Bull Market? | By Jonn M. Wullschleger, CFA
December 1, 2003 |
The powerful stock market recovery over the last year has many investors wondering if the gains have come too easy, too fast.
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| Market Outlook: Inflation | By David J Gaume
November 21, 2003 |
Inflation is defined as a sustained increase in prices of goods and services. As an economy expands, consumers and businesses will spend more money on goods and services.
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| Market Outlook: The Fed Four Step | By Kenneth L. Green, CFA
November 14, 2003 |
In a "garden-variety" recovery, which we are experiencing, there are four steps leading to the Federal Reserve tightening monetary policy, thereby raising the general level of interest rates.
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| Market Outlook: Better Economic and Corporate Earnings Reports | By Janet C. Rowe, Investment Counselor
November 7, 2003 |
The U.S. economy is performing very well, as evidenced by the 7.2% third-quarter growth in gross domestic product. Strength is evident in the major consumer and industrial markets, and recent reports show gains in several retail categories, housing starts, industrial output, and factory usage.
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| Market Outlook: Think Long-term | | 10/31/2003 |
The bulk of what passes for economic news pouring forth from the many cable news and financial programs is so short-term and sensationalistic as to be useless, but even if it were thoughtful and reliable information, most of it would be of little value. The impact of this housing number, or that GDP estimate, in the scope of a meaningful long-term economic perspective, is essentially irrelevant..
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| Market Outlook | | 09/11/2003 |
The economy is in the beginning stages of what we expect will be a prolonged
recovery.
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| Deflation | | 6/15/2003 |
Federal Reserve Chairman Alan Greenspan, as well as other Fed governors,
have made it very clear on several occasions that the Fed intends to do
whatever it takes in the way of monetary expansion to avoid a deflationary
slump.
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| | | 1st Quarter 2003 News Letter | | 4/15/2003 |
Over the past three months the prospect and then the reality of the war with Iraq has been the dominant factor in both the financial markets and the economy.
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| | | Iraq | | 2/13/2003 |
Company executives generally remain cautious, but business spending is increasing again also at a subdued 3% rate. It takes 5% to accelerate the economy and launch the next bull market. The difference between the current 3% and the desired 5% is Iraq.
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| 4th Quarter 2002 News Letter | | 12/31/2002 |
A year ago, after two years of a sharply down market, we were cautiously optimistic about the prospects for the economy and the stock market.
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| Lunch with Dr. Robert Gates | | Robert Gates 10/23/2002 |
Dr. Robert Gates, former head of the Central Intelligence Agency spoke at the Client Appreciation Lunch for Mitchell Capital clients.
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