TopPicks from Christine Poole, chief executive officer and managing director at GlobeInvest Capital Management
FOCUS: North American large-cap stocksFinancial markets are facing numerous headwinds including rising interest rates, elevated inflation, geopolitical turmoil and restrictive monetary policy by central banks around the world. The decline in the broad equity indices this year reflects many of these concerns.
Good economic news, especially in the jobs market, is now being interpreted as bad news since it provides fodder for the U.S. Federal Reserve to continue to raise interest rates to combat inflation. These higher rates, in turn, would continue to put pressure on equity valuations. Thus, a sustainable recovery in equity markets will not occur until the Fed’s monetary tightening is put on hold. However, that will not occur until the Fed is satisfied price stability has been restored.
Economic cycles are inevitable, but the timing is much less so. Macroeconomic forecasting is highly unreliable. We prefer to analyze incoming data, interpret the possible impacts on companies in our client portfolios and respond only if we believe there will be long-term consequences. On the positive side of things, volatility will create opportunities to invest in companies well-positioned to benefit from secular growth trends. We continue to adhere to a disciplined process of staying invested in financially strong, reasonably priced growth and income stocks. We believe that over the long-term this will result in our clients continuing to build wealth through the power of compounding.
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