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June 2019 Update - The Bounce

July 2, 2019

 

“Honey, I have good news and bad news about the car.”

“Give me the good news first.”

 “The airbags work.”

 

June was more like a trampoline than an airbag with the S&P 500 rising 7.0% after May’s 6.3% decline. But the hint of declining interest rates certainly “worked.”

 

The Federal Reserve’s indication that it was prepared to cut interest rates in the near term despite unemployment remaining at its lowest level since the Vietnam War was all the help the market needed to recover from a volatile May.

 

It seems we will live in a world of low interest rates not just for a short period to help us recover from the financial crisis of 2008, but as a matter of course. Don’t ask me why; I just deal with the world as I find it.

 

And in that world I would much rather own portfolios of reasonably priced growth stocks than a 10 year bond from the US government yielding 2%.

 

It’s impossible to predict the future, but not that hard to assess relative value.

 

 

About the Author

 

Manny Weintraub, CFA, is the President of Integre Asset Management, a New York-based registered investment adviser, that combines investments in industries benefiting from long-term trends with the use of active management to reduce risk. A former Managing Director of Neuberger Berman, where he co-managed more than $1.5 billion in U.S. equity assets, Manny is an experienced portfolio manager and contrarian investor. A graduate of the University of Pennsylvania, he serves on the boards of The Atlantic Theater, and North Country School – Camp Treetops. To learn more about Integre, please visit www.integream.com.​

 

© 2019 Integre Asset Management, LLC. All Rights Reserved. No part of this document may be reproduced, stored, or transmitted by any means without the express written consent of Integre Asset Management. For further information please see www.integreAM.com or contact the firm by electronic mail at info@integreAM.com.

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