Temporary Dip, or Rebel Without a Pause?
Our subject, of course, is not the iconic 1955 American film about emotionally confused and disaffected suburban youth (although there are more investing parallels than one cares to admit). Instead, we are concerned with the recent rebellion by economies to standard post-war monetary prescriptions. Despite record stimulus and interest rates tethered to near-zero, recent growth figures are now showing renewed signs of slowing.
Are we reading the last rites over the economic expansion that began, as demarcated by the NBER, 24 months ago? A growing consensus believes that a second-half 2011 recovery awaits and the current correction is simply a pause rather than something more protracted.
In time, that may prove right ... but how much time? At this point, the evidence points to a further slowdown ... or a much elongated period of slow, slow growth (what we have call the SSL in the past) and an attendant adjustment in risk assets.
To read more: please click below for this month's ETFocus written by Tyler Mordy.
ETFocus- June 2011 - Temporary Dip, or Rebel without a Pause?
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Author: Tyler Mordy
Tyler Mordy
Hahn Investment Stewards & Company
Inc.
Hahn Investment Stewards & Company Inc.
Global Fund Management & Investment Counsel
Ontario: The Exchange Tower, 1800-130 King St. W., Toronto, ON M5X 1E3
British Columbia: P.O. 2609, Station R, Kelowna, BC V1X 6A7
Phone: (888)-957-0602 e-mail:information@hahninvest.com
Tyler is regarded as a leading expert in the burgeoning field of exchange-traded funds (ETFs) and writes an influential, bi-monthly publication called ETFocus. He is a recognized innovator in the design and application of actively-managed ETF portfolios. Tyler's expertise is widely acknowledged, and he has been interviewed by several notable publications including The Wall Street Journal's - Smart Money and City Wire - Guide To Exchange Traded Funds.
Tyler Mordy is a portfolio manager and Director of Research at HAHN Investment. Since joining the firm in February 2003, he has made key contributions in the development of the firm's proprietary portfolio systems. A member of the HAHN Investment Committee, he is engaged in top-down strategy, investment policy and securities selection.
Previously, Tyler began his career at Deutsche Asset Management in London, UK. He earned his bachelor's degree in both Mathematics and English Literature at the University of British Columbia. Mr. Mordy is a CFA charterholder.
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