• Dr. JoAnne Feeney: Investors should buy ‘resilient’ growth names

    CNBC’s “Squawk Box” team discusses the best stock picks with Joanne Feeney of Advisors Capital Management. The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice…

  • Everything’s a Derivative and a New Take on Crypto

    By Randall Coleman, Portfolio ManagerFootball is back. I’m not much of a sports fan, but I’m vaguely aware of the phenomenon. I know the basic rules of each game, the color and shape of the ball or puck or whatever it is they score with. I know when the season rolls around because the office…

  • Dr. JoAnne Feeney on Fox Business News: Should investors worry ‘stagflation’ is coming back?

    Stifel chief economist Lindsey Piegza and Advisors Capital Management partner JoAnne Feeney provide insight into today’s economic and market trends and the potential impact of inflation and higher taxes. Watch the latest video at foxbusiness.com The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without…

  • Alan Greenspan Remembers 9/11

    On the afternoon of September 11, 2001, I was flying back to Washington on Swissair Flight 128, returning home from a routine international bankers’ meeting in Switzerland. I’d been moving about the cabin when the chief of the security detail that escorted me on trips abroad, Bob Agnew, stopped me in the aisle. Bob is…

  • Dr. Chuck Lieberman: Weekly Unemployment Claims Lift Optimism on Wall Street

    U.S. futures pointed to a higher open on Thursday ahead of weekly jobless data which was expected to fall to 345,000 from 353,000 a week prior. Chuck Lieberman, Partner and CIO at Advisors Capital Management joined Wake Up with Cheddar for more. The foregoing content reflects the opinions of Advisors Capital Management, LLC and is…

  • Waiting for the Fed

    By Chuck Lieberman, Co-founder & CIO The August employment report actually fit in quite well with investor expectations, even though job growth was well below the consensus. Hiring is being held back by the Delta variant and the unwillingness or inability or people to return to work, even as firms increase pay to attract or…

  • Dr. JoAnne Feeney: Investors should be positioned in stocks that will do well as Fed tapering begins

    JoAnne Feeney of Advisors Capital Management says the reopening trade isn’t dead, but it’s postponed, and discusses how investors should position themselves around that. The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational purposes only and should…

  • Dr. JoAnne Feeney: Profitable stocks plays off the beaten path

    JoAnne Feeney, Advisors Capital Management, joins Fast Money Special Edition to discuss profitable stocks that are lesser known. The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as…

  • Animal Spirits and Economic Modeling

    By Dr. Alan Greenspan, Senior Economic Advisor Unprecedented amounts of fiscal and monetary stimulus have driven stock prices to all-time highs, now sitting near double the lows seen during the depths of the coronavirus-driven panic. However, with the debt ceiling holding back further borrowing by the U.S. Treasury, thousand-dollar stimulus checks and trillion-dollar stimulus packages…

  • Europe – More “United” than the United States?

    By David Ruff, Portfolio ManagerThe STOXX Europe 600 advanced 21.04% year-to-date through August 25th. In local currency, this ranks best of the world’s regional returns and even squeezes ahead of the S&P 500’s 20.83% return over the same period. This is an impressive result, especially considering the much lower monetary stimulus applied in Western Europe…

  • Dr. Chuck Lieberman: Why Stocks Declined Ahead of Retail Earnings

    Chuck Lieberman – Partner and CIO at Advisors Capital Management, joins Wake Up With Cheddar for a look at markets ahead of a major week for retail earnings. The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational…

  • CNBC’s ‘Squawk Box’ team discusses the impact of Afghanistan’s collapse

    CNBC’s ‘Squawk Box’ team discusses the impact of Afghanistan’s collapse, the Fed’s next move and markets with Greg Branch of Veritas Financial and Joanne Feeney of Advisors Capital Management. The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for…

  • Brace for September, But Don’t Panic

    By Paul Brighton, Portfolio ManagerSummer is winding down as we get close to the Labor Day weekend. Schools are reopening and fall football and the month of September are right around the corner. By happenstance, September can be a difficult month for equity markets. This brief commentary will be a gentle reminder of the possible…

  • ACM’s Feeney Sees Recovery Continuing Despite Delta Variant

    ACM’s Feeney Sees Recovery Continuing Despite Delta Variant http://s3.amazonaws.com/NDSMediaArchiveBucket/FBN/20210817/CC5A9579-0C2A-45FA-800E-C23CF554A7B4.mp4 The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or…

  • Advisors Capital’s Lieberman on Markets and Strategy

    Chuck Lieberman, CIO at Advisors Capital Management, discusses his market outlook and investment strategy. He speaks with Haidi Stroud-Watts and Shery Ahn on “Bloomberg Daybreak: Australia”. (Source: Bloomberg) The foregoing content reflects the opinions of Advisors Capital Management, LLC and is subject to change at any time without notice. Content provided herein is for informational…

  • Is your Fixed Income likely to stress or disappoint you?

    By Kevin Kelly, Portfolio ManagerIf analyzed carefully, I believe most fixed investors would not be happy with the current risk versus reward trade-offs they are consciously or unconsciously accepting. Many investors have resorted to one of the following three options in this low yield environment: 1) to essentially avoid interest rate and credit spread (risk…

  • Roaring Ahead, While the Fed Lags Behind

    By Dr. Chuck Lieberman, Co-founder and CIO Economic growth is very strong, profits significantly outperformed optimistic expectations and hiring is robust, even as bottlenecks and labor scarcity hamper the pace of recovery. The rally in the bond market turned on a dime. Most Fed officials still seem to prefer maintaining the current highly accommodative policy…

  • Chinese Stocks Rocked

    By Randall Coleman, Portfolio Manager US traded China ADRs were dealt a severe blow last week by regulators on both sides of the Pacific, causing a dramatic and uneven loss of value in China-based stocks. The brunt of the damage came from the for-profit education industry in China, where regulators have mandated companies move to…

  • Q2 GDP: Quick Thoughts

    By Dr. Chuck Lieberman, Co-founder and CIO This morning’s Q2 GDP came in at 6.5%, well below the 8% or higher that was expected. But digging into the details shows strong underlying demand and sets the stage for ongoing solid growth. 1. Consumption +11.8%. Services rose 12.0%, a sharp rise from Q1. 2. Nonresidential capital…

  • Productivity a Silver Lining

    By Dr. Alan Greenspan, Senior Economic Advisor With a majority of the work force now vaccinated, and vaccines readily available to those who are not, large corporations across the U.S. have decided that the time to return to the office has come. From banks to technology companies, there seems to be a consensus forming that…

  • Next Up: Earnings

    Although the news recently has been dominated by alarming headlines about inflation, the Delta variant, and high stock valuations, we have some positive developments to look forward to: second quarter earnings reports. This past quarter will likely deliver one of best year-over-year earnings growth rates in history—the other having occurred in the wake of the…

  • The EU – Driving Europe’s Revival

    Last July, we wrote a commentary titled “Europe – Always the Also-Ran?” where we highlighted the poor short and long-term equity performance of the European continent relative to the other global superpowers of the US and China. Despite the region being an economic behemoth, only behind the US in GDP, and the use of the…

  • The Real Test Is Still to Come

    School’s out for the summer, but the Fed’s policy stance is already being tested. Job growth has picked up sharply and should remain fairly strong even before schools resume in September. But rising labor costs and their effects on inflation will test the Fed’s view that the surge in inflation will be just transitory. Much…

  • The Full Re-Opening Hasn’t Happened Yet

    At the start of the 2nd quarter, the economic re-opening trade was on full-force with the 10yr Treasury at 1.74% and rising fairly fast due to massive amounts of fiscal and monetary stimulus and on course to take out the low 1.90’s range, its pre-Covid level. Almost three months later and the 10yr is at…

  • Are You Chasing Yield in Fixed Income?

    Interest rates and risk premiums (credit spreads) are both very low. This has caused some investors to chase yield via more aggressive fixed income opportunities without appreciating the incremental risk associated with those decisions. To increase yield, investors must increase interest rate exposure (duration) and/or increase the amount of credit risk they are taking. The…

  • Futures Point to Lower Open on Fed’s Interest Rate Decision

    Futures were pointing to a lower open this morning as investors await weekly jobless claims and continue to digest news that the Federal Reserve is moving up its timeline for interest rate hikes. Chuck Lieberman, Partner and CIO at Advisors Capital Management, joined Wake Up with Cheddar for more. Click here to watch on Cheddar.

  • Competition with China

    As we enter what may be remembered as our first post-COVID summer in the United States, the domestic landscape seems to be settling into a far less chaotic rhythm. Encouraging vaccination numbers have seen mask mandates disappearing. Businesses that were concerned with simply being open only a year ago are now turning toward increasing capacity…

  • There Are No Workers

    Job growth picked up by 559,000 in May, notably stronger than the solid, yet disappointing, 278,000 increase in headcount estimate for April, but the real story is that the strong recovery in demand is being held back by supply constraints, especially in the labor market. So, the market remains concerned that inflation might increase on…

  • Activist Investors – Opportunity or Threat?

    Corporate Raiders! Barbarians at the Gate! Activist Investors! Today’s activist headlines are definitely not the same as the likes from 20 years ago. Yes, Carl Icahn and Nelson Peltz are two of the most recognized names when the topic of corporate raiders comes up, but the eye-catching ones today show the evolution of activism in…

  • Stimulus Spending, Inflation, and the Recovery

    Fourteen months after the country shut down in response to COVID-19, America seems to be turning the corner. Real gross domestic product will likely surpass its pre-pandemic level by the middle of this year and new jobless claims continue to fall steadily. Nearly 50% of the total population have received at least their first vaccine…

  • May 14, 2021 | The Drill Down: Lincoln Financial, Plug Power, DoorDash, Airbnb

    With fewer people dying, could it be time for Lincoln Financial (LNC)? Chuck Lieberman of Advisors Capital Management explains. Plug Power (PLUG) tries to put accounting problems and expenses behind it. DoorDash’s (DASH) optimistic forecast for 2021 with adjusted earnings. And Airbnb (ABNB) sees a return to urban travel. The Drill Down with Cory Johnson…

  • Is Volatility Back?

    Last week’s decline through Wednesday and sudden rebound on Thursday and Friday may be a mere sample of what’s to come. Investors have become sensitive to high valuations and the presence of higher economic risks. But last week’s decline of 4% was a relatively minor drop, and the rebound left the S&P 500 down only…

  • The Economy Is Rocking, but Badly Designed Policy Distorts Behavior

    Investors were shocked by the “meager” 266,000 increase in payroll employment despite very widespread evidence that the economy is roaring back. It seems very clear that many workers prefer to take generous unemployment benefits rather than return to work, even as firms struggle to hire the labor they need to operate, even when they offer…

  • Will the Dollar Always be Mighty?

    Our ACM International ADR and Global strategies feature unique, high-quality international companies, many of which do not have a U.S.-based equivalent or competitor. This is the most important reason for investing in ADRs in my mind, and given that the overwhelming majority of our clients are U.S.-based, this foreign-focused strategy expands a typical investor’s opportunity…

  • What’s Different This Time?

    The S&P 500 continues to make new highs and the economy is reopening at a rapid pace. A great deal of this is likely due to the successful Covid vaccination rollout – everyday we’re getting that much closer to normal. As well, the Fed’s current accommodative monetary policies remain firmly entrenched. And Congress just passed…

  • Infrastructure and Productivity

    President Biden recently announced the outline of his much-anticipated American Jobs Plan, commonly referred to as the “Infrastructure Bill”. Despite a name that aspires to benign bipartisanship common to pieces of legislation, it has unsurprisingly failed to avoid the level of debate and scrutiny one would expect of a $2.3 trillion government spending package. One…

  • How investors can approach the semiconductor stocks

    Click yellow play button to watch here or use this link to open. Despite the global chip shortage, a number of semiconductor stocks were up sharply year-to-date as of Monday morning, outperforming the S&P 500. JoAnne Feeney, partner and portfolio manager at Advisors Capital Management, joined “Squawk Box” on Monday to discuss how investors can…

  • All Investment Grade Fixed income is NOT created equal

    Many fixed income investors with traditional investment-grade bond portfolios were likely disappointed by their performance in 1Q’21. This is understandable, because for the 5 years through 2020, the average annual investment-grade bond returned over 6.5%, whereas in 1Q, that return was -4.6%. Investors may not appreciate that the average investment-grade bond has a maturity of…

  • Consumer staples are ‘hidden gems’ in the growth trade: Portfolio manager

    Advisors Capital Management Partner and Portfolio Manager, JoAnne Feeney, said investors were too quick to shift from growth to value, adding that there are several lucrative growth opportunities in places where many aren’t looking- consumer staples. Click here to watch on BNN Bloomberg

  • Chip Shortage Will Last Into 2022, Says Advisors Capital Management’s Feeney

    JoAnne Feeney, Advisors Capital Management Partner, discusses the chip shortage and sees it lasting into 2022. She speaks with Emily Chang on “Bloomberg Technology.” (Source: Bloomberg)

  • S&P Closes at a Record as Fed Plans to Stick with Easing Policy

    The S&P narrowly hits a record close on Wednesday as stocks ended the day mixed. Chuck Lieberman, Co-Founder and Chief Investment Officer at Advisors Capital Management, says expectations for the economy continue to rise as the U.S. economy continues to reopen.

  • Advisor Capital’s JoAnne Feeney on the recovery trade

    Click yellow play button to watch! JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management, joins Worldwide Exchange to discuss how she is playing the recovery trade, and what sectors stand to benefit.

  • Full Sprint!

    The economy is now in full sprint, after being “Off to the Races”, as we wrote a month ago. Payroll jobs surged by 1.07 million in March, including upward revisions to prior months, and additional mega-sized jobs gains are likely in the coming months, as vaccinations continue to roll out rapidly and the economy reopens….

  • Gold: The Historical Reserve Currency

    As humans evolved from small groups of nomadic hunter-gatherers towards larger and more complex societies, they were inevitably confronted with the need for mediums of exchange. Two forms of money arose from this need: representative money and commodity money. Representative money, which pre-dates the invention of coinage, is money that has no intrinsic value but…

  • The Close Digital Full Show (03/23/2021) – Dr. JoAnne Feeney

    Caroline Hyde & Taylor Riggs bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street and tackle the testimonies of Powell and Yellen, Regeneron’s antibody cocktail and GameStop earnings Guests Today: Joanne Feeney of Avisors Capital Management, George Yancopoulos of Regeneron, James Gellert…

  • The Future of Cryptocurrency

    Given the seemingly national obsession with Bitcoin I’ve had to become more of an expert on the king of digital coin and other cryptocurrencies like Ethereum, Ripple, Litecoin, Tether, and Dogecoin. Equity investing is the heart of my comfort zone, but my colleague Randy Coleman’s commentary Is It Really Different This Time? last week compelled…

  • Is It Really Different This Time?

    This week marks a year since pandemic lockdown altered our lives forever. To say it has been a strange year would be a gross understatement. It has been extraordinarily strange. Everything changed. Work, travel, living arrangements, simple trips to the store, doctor visits, movies, coffee shops, football games, baseball games, birthday parties, you name it,…

  • Invest in growth at a reasonable price: Advisors Capital Management’s Feeney

    Advisors Capital Management Partner and Portfolio Manager JoAnne Feeney says investors should put money in growth names that have good cash flow and multi-year drivers. She notes companies like Apple and Texas Instruments have exposure to 5G and electric cars which make them long term investing opportunities.

  • CNBC – Dr. JoAnne Feeney, 03-10-2021

    Click yellow play button to watch! JoAnne Feeney of Advisors Capital Management and Sarah Kunst of Cleo Capital discuss the big rally in tech and momentum stocks following the recent pullback, and whether these names will continue to hold favor with investors.

  • Off to the Races

    The larger than expected increase of 379,000 jobs in February (and a good-sized upward revision to prior data and another slight decline in the unemployment rate to 6.2%) suggests that the economy is already lifting off after shutdowns due to the pandemic. We were expecting this to start in March or April. Now, it appears…

  • yahoo!finance – Market Recap: Wednesday, March 3

    Stocks traded mixed Wednesday after sliding a day earlier, as investors weighed optimism over widespread post-pandemic business reopenings against concerns over economic overheating. The Dow rose while the S&P 500 fell in afternoon trading, while Treasury yields resumed advancing across the curve. The yield on the benchmark 10-year Treasury note closed in on 1.5%. A…

  • Tech seeks a comeback amid rising rates

    Click yellow play button to watch! JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management, joins Worldwide Exchange to discuss the rebound the tech sector is looking to make as rising yields spook investors.

  • Stocks Close Higher as S&P Has Best Day Since June

    Stocks started off the week on a positive note, closing higher across the major indexes following good news on stimulus and vaccine news. JoAnne Feeney, Partner and Portfolio Manager at Advisors Capital Management, says investors have to really think about who the big winners were in 2020 and how they could really change this year…

  • Fundamental Shift in Market Dynamics: Are You Ready?

    Many investors benefitted last year from the sharp appreciation in stocks of popular work-from-home companies represented by the FANG stocks (FB, AMZN, NFLX, GOOG), while those looking for income were left behind. This year is off to a very different start as last week’s gyrations made clear, and rightly so. FANG+ stocks (ETF: FNGS )…

  • Sell-off is result of investors looking to diversify, says Advisors Capital Management’s Feeney

    Click yellow play button to watch! Joanne Feeney, Advisors Capital Management partner and portfolio manager, and Loreen Gilbert, Wealthwise Financial CEO, join ‘Power Lunch’ to discuss the market sell-off and if it’s more focused on tech or high-growth stocks. Click here to watch

  • Are Stocks Overheating?

    Front and center are two topics that seem to be on investors’ minds: the equity market’s current valuation given its all-time high price level and are interest rates and inflation about to inflect higher. The Biden administration appears to be set on providing swift and significant pandemic relief using the budget reconciliation process that only…

  • Alan Greenspan Revisits Irrational Exuberance

    The meteoric rise in the stock price of GameStop seems to have brought up the question of irrational exuberance in the markets. Irrational exuberance is a state of investor psychology, when the pendulum between fear and euphoria has swung too far towards the latter. In other words, stock prices are the aggregation of the myriad…

  • Recovery-themed stocks set for a boom

    Advisors Capital Management Partner and Portfolio Manager JoAnne Feeney says the high dividend paying stocks in COVID-beaten sectors have seen encouraging earnings in the first quarter of 2021. She says sectors like auto manufacturing are able to raise prices because of a chip supply crunch for electric vehicles. Click here to watch

  • The Impact of Covid in Europe

    Target2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is the clearinghouse for the Eurozone’s central banks. It is a centralized payment system which enables both central and commercial banks to process euro payments in real-time. Target2 replaced the Eurozone’s original “Target” system beginning in 2007 as a more secure and efficient real-time gross settlement…

  • Fixed Income is Sleepy, But Investors Need to Wake Up

    Too many fixed income investors surprisingly do not pay close enough attention to their fixed income portfolios, mostly because they think their investments are safe and they think they have few other options for a safe portfolio. While fixed income yields are currently near record lows, investors can do far better with a mix of…

  • GameStop and Other Forms of Entertainment

    The roiling of the equity market by individuals using Reddit to act collusively in stocks like GameStop, AMC Entertainment, Blackberry, and numerous others is likely to continue for the near-term. Many hedge funds that are short these stocks will be forced to cover their shorts and will suffer large losses, which implies sizable profits for…

  • Is a U.S.-China War over Taiwan Imminent?

    If you believe some of the recent headlines, yes. For example, Forbes published an article titled Those Bombers China Sent Toward Taiwan? They Were a Dress Rehearsal For War. The piece discussed military tactics China would use to attack and unify Taiwan. The article suggested a military invasion is inevitable and that a massive Chinese…

  • Could the Recovery Be Too Strong?

    Monetary policy remains highly accommodative, as unemployment is still high in the aftermath of a sharp, deep recession, while inflation remains below the Fed’s 2% plus objective. Many people fear that the Fed’s injection of trillions in liquidity will cause inflation to surge. We do not see rising inflation as a serious risk this year,…

  • Surge!  Plunge!  A Look at Inauguration Day Performance

    The word of the week is “inauguration.” Wednesday is inauguration day, bringing with it all the pomp, circumstance and government transition associated with it. The United States will have a new president and vice president and how will markets will react? (Quiz time!): Stocks will A. Surge; B. Plummet; C. Remain Unchanged; D. None of…

  • A Bumpy Ride, But Recovery is Coming

    Last week was full of surprises, though by looking at the market’s performance you wouldn’t know it. Between the attack on the Capitol, the now 50-50 split in the Senate, and the first (net) loss in jobs since April, one might have expected a pullback in stocks. Yet last week, the major indices continued to…

  • The Weight of GDP – CONTINUED

    The correlation between growing economic activity and growing weight of real GDP apparently peaked in the late 1970s. In recent years, the conceptual contribution to economic activity has reflected importantly the explosive growth in information gathering and processing techniques, which have greatly extended our capability to substitute ideas for physical volume. In the years ahead,…

  • Vaccine, low interest rates, upcoming stimulus are driving markets: Expert

    Dec. 18, 2020 – 8:36 – Payne Capital Management President Ryan Payne, Surevest CEO Rob Luna and Advisors Capital Management partner JoAnne Feeney provide insight into today’s markets. Click to watch on Fox Business

  • A Shot in the Arm

    The pace of the economic recovery is slowing, as governments close restaurants and other facilities to stymie spread of Covid. But approval and widespread distribution of at least two vaccines ensure the economy will soon get a booster shot (figuratively) even as the population gets a booster shot in the arm (literally). Within 6 months,…

  • There’s Plenty of Reason for Optimism on Stimulus, Investor Says

    Chuck Lieberman, Partner and CIO at Advisors Capital Management, joined Cheddar to discuss why he’s optimistic a stimulus deal could get done sooner rather than later. Watch on Cheddar TV

  • The Market Has Rallied Huge. What’s Next?

    COVID-19 continues to wreak havoc, as cases spike throughout the country during this holiday season (chart below). California, responsible for about 15% of US GDP, has recently issued the widest and most restrictive stay-at-home orders. Hospitals throughout the country are running out of ICU beds available for COVID-19 patients. And yet the S&P 500 and…

  • S&P and Nasdaq Close at Record High as Pfizer Rolls Out Vaccine in UK

    The S&P and Nasdaq closed Tuesday’s session at a record, while the Russell 2000 also records a record close on a day when Pfizer rolls out its coronavirus vaccine in the UK. JoAnne Feeney, Partner & Portfolio Manager at Advisors Capital Management, says the market is building in a lot of hope and expectation for…

  • Many Fixed Investors Are Playing With Fire

    Many investors do not realize they are playing with fire in the fixed income portion of their portfolios by choosing to own common, high quality investment grade bonds. The typical, easy to construct investment grade portfolio of brand name bonds will leave investors with low yielding assets that have significant interest rate risk exposure. These…

  • CNBC Closing Bell 12/02/2020 with Dr. JoAnne Feeney

    ACM Portfolio Manager, Dr. JoAnne Feeney, on CNBC’s Closing Bell.

  • Japan – The Times They Are A-Changin’

    The Bob Dylan anti-establishment, frustrated-youth song that became the anthem for change during the U.S. civil rights movement could also apply to corporate Japan today. Japanese equity investors, frustrated with decades of poor returns, are calling for significant change. It’s beginning to happen. It may seem surprising for us to project better equity returns from…

  • The Weight of GDP

    For generations Americans reveled in acres upon acres of massive motor vehicle assembly plants, ever taller skyscrapers, enormous dams, and longer bridge spans. I never ceased being in awe of America’s industrial might in the 1950s as I drove along the south shore of Lake Michigan toward Chicago, passing one huge steel mill complex after…

  • ACM: Who We Are

    Advisors Capital Management was established as an all-cap equity and fixed income manager to provide investors with the most personal and customized portfolio management solutions possible. Our people, resources and commitment are solely focused on the personal and financial objectives of our clients. Our separate account management platform offers investors a variety of strategies, each…

  • Buy, sell or hold: Coronavirus-related stocks

    Nov. 11, 2020 – 8:46 – Kaltbaum Capital Management President Gary Kaltbaum, Ladenburg Thalmann Asset Management CEO Phil Blancato and Advisors Capital Management portfolio manager JoAnne Feeney discuss today’s markets and play a game of ‘Outhouse or Woodshed’ about coronavirus-related stocks. Click here to watch

  • A Second Vaccine; It’s A New Game

    Moderna’s vaccine is reported to be 94.5% effective, making two vaccines showing higher efficacy than most expected. While results from both Pfizer and Moderna are preliminary, these early results are a very positive sign. Equally importantly, we should have enough doses of these two vaccines in the first half of 2021 potentially to vaccinate the…

  • The End is in Sight…

    The big news this morning is changing the investing landscape and adding to the positive market response to the election results. At 90% efficacy in the first release of a late-stage, large study trial, Pfizer’s vaccine candidate is giving investors renewed hope of controlling COVID and getting life back to normal. Not only are travel…

  • Fiscal policy and trade wars will see a lot of relief under Biden, portfolio manager says

    JoAnne Feeney, partner and portfolio manager at Advisors Capital Management, and Barbara Reinhard, head of asset allocation at Voya Investment Management, join “Squawk Box” to discuss how they plan to approach investing if Biden wins the presidency and the Republicans maintain control of the Senate. Click here to watch

  • Initial Post-Election Thoughts

    It may take a few days before enough votes are counted to determine who won the election, but there are a few preliminary conclusions that can be drawn. As of this moment, the presidential race remains too close to call, although it seems more likely that the Senate remains Republican by a few seats, and…

  • How to Find Growth Buys in the Stock Market at Value Prices

    JoAnne Feeney, partner and portfolio manager at Advisors Capital Management, says while the technology sector has been the big mover in the markets, there are more rewarding ways to play the group than the mega-cap movers. She suggests companies such as Zebra Technologies, which makes the handheld barcode readers that are used in every Amazon…

  • Surprise, Surprise, Surprise

    Tuesday, November 3rd is coming fast. That this particular Tuesday is a presidential election day comes as no surprise. Since 1845, the first Tuesday after the first Monday in November has been election day, and in years divisible by four, that Tuesday is a presidential election day. Markets don’t like surprises and it’s hard to…

  • How is the Market Near All Time Highs?

    The stock market continues to hang in near all-time S&P highs, even as unemployment is still quite high, virus cases spike, politicians are unable to agree on a fiscal stimulus package despite the agreed upon need, and election uncertainties loom. How can this be? A critical part of the answer to the question is people…

  • Stock Prices

    Why do stock prices rise so persistently over the decades? The bottom line is that over the long run, stock price-to-earnings ratios, and hence their inverse, earnings-to-stock price ratios, have no discernible trend going back to at least 1890. The equity yield peaked in 1949 at 16 percent and ranges between 5 percent and 10…

  • 7 Warning Signs Your Bond Portfolio May Be Yielding 1% (or Less)

    If anything, the title is an understatement. Some investors own a large basket of high quality, investment grade bonds of well-known companies. The yields on such securities have declined dramatically and many are now 1% or even less. Many investors do not realize this, however, because they are looking at their coupons. The same logic…

  • What Does a Post Vaccine Environment Look Like?

    The current news is very concerning and, to many people, very disruptive. We have fires raging in California and social unrest in many cities. The presidential debates got off to an unruly and ugly start. Voting by mail looks to be a divisive issue, and, in turn, may lead to a contested election outcome. The…

  • China’s Five-Year Plan

    With the arrival of Autumn, the U.S. Presidential election will increasingly take center stage as the candidates spell out their economic and foreign policy agendas. The outcome is important, not just for the U.S., but for foreign economies as well. Possibly even more consequential is another event happening in the world’s second largest economy. I’m…

  • Revisiting the Stock vs. Bond Allocation

    Virtually everyone appreciates that Treasury bonds are close to all-time record low yields, but how should investors adapt to that fact? Bonds still have a legitimate role to play in any portfolio, but it is appropriate for every investor to revisit their allocation to bonds. Professor Jeremy Siegel of Penn’s Wharton School has stated that…

  • Measuring the Economic Damage of Covid-19

    In order to forecast our economic landscape going forward, we must first assess the extent of the damage done to the U.S. economy from the once-in-a century occurrence that has emerged over the past half year. This coronavirus has caused record levels of unemployment and impairment in national output not seen since the Great Depression….

  • ‘Powell is the adult in the room trying to make sure the recovery continues’: Advisors Capital’s Chuck Lieberman on the Fed

    Charles Lieberman, CIO at Advisors Capital Management, joined The Final Round to discuss his outlook for the market and his thoughts on how Fed Chair Jerome Powell is handling the economy and its recovery amid COVID-19. Click here to watch.

  • A Market Rotation is Underway

    When I wrote this weekly commentary in July, Elon Musk had just overtaken Warren Buffet on the Bloomberg Billionaires Index. Well, what a difference six weeks can make. As of August 31, Elon had rocketed ahead of Warren, adding another $33 Billion to his nest egg. In that commentary, I posed a simple question: how…

  • 881,000 Jobless Claims Filed Last Week, Better Than Expected

    First time weekly unemployment claims came in better than expected, with 881,000 Americans filing for first-time unemployment insurance last week. Dr. JoAnne Feeney, Partner & Portfolio Manager at Advisors Capital Management, joined Wake Up With Cheddar to break down what this means for the job market. Watch on Cheddar TV

  • Is the Fed Move a Game Changer?

    Federal Reserve Chairman Jay Powell announced a shift to an “inflation averaging” rule last week at the virtual Jackson Hole monetary policy conference and many investors are wondering whether this should alter portfolio strategy. The short answer is, for now, no. But what of concerns that the Federal Reserve is continuing to feed the market’s…

  • Wall Street vs. Main Street

    This past week the S&P 500 made a new all-time high and Apple reached $2 trillion in valuation. It would seem that the pandemic is already in the rearview mirror. After the shortest bear market in U.S. history, a brief 33 days compared to the median of 302 days for the prior twenty bear markets,…

  • Alan Greenspan: US-China Relations

    The key to global economic balance over the next generation will be defined by the increasingly contentious relationship between the United States and China. China is endeavoring to wrench global hegemony from the United States. This conflict was foreshadowed by Xi Jinping’s declaration, shortly after ascending to the leadership of the Communist Party of China,…

  • There’s still a lot of noise in the market, portfolio manager says

    JoAnne Feeney, partner and portfolio manager at Advisors Capital Management, and Greg Branch, partner at 1847Financial, join “Squawk Box” to discuss tech stocks extending their slide in trading on Tuesday and whether the move lower means a rotation could be taking place in the market.

  • A Fixed Income Portfolio Likely Yields 0.75-1.25%. Good News, You Have Options.

    Fixed Income yields have declined rapidly in 2020 and many investors are not fully aware how little their ‘traditional’ Fixed Income portfolio likely yields. Two main forces account for this common misunderstanding. First, fixed income yields have moved dramatically and quickly in 2020 because of record low Treasury interest rates and relatively tight credit spreads….

  • Progress, Even If the Road Is Rough

    Second quarter GDP collapsed at a 32.9% annual rate, as was widely expected. Nonetheless, more timely data shows that the economy is bouncing back. It has a long ways to go and the path back will not be smooth or easy. But the recovery process is clearly underway. Let’s start with Q2 GDP. It actually…

  • Europe – Looking Attractive

    The surge in global equity markets since late March, led by the major markets of China and the U.S., has left Europe behind and stocks there are receiving scant attention. Ranking last of the big three regional powers in year-to-date equity performance is not an uncommon position for Europe. In dollar terms, the pan-European STOXX…

  • Alan Greenspan: A Long-Term Perspective

    Prior to the emergence of COVID-19, as I have previously indicated, the defining characteristic of the 21st century was the inexorable aging of its population. Almost a fifth of the population of the industrialized countries of the world were age 65 and older. In earlier centuries, the vast proportion of the population worked until they…

  • Near-term uncertainty will make investors look past earnings, expert says

    JoAnne Feeney, partner and portfolio manager at Advisors Capital Management, and Darrell Cronk, chief investment officer of Wells Fargo’s Wealth and Investment Management, join “Squawk Box” to discuss what they’re watching out of second-quarter earnings season.

  • Recovery for the S&P 495?

    Financial websites were abuzz Friday afternoon with the news that Elon Musk had overtaken Warren Buffet on the Bloomberg Billionaires Index. Tesla (founded by Musk) shares popped 10% that day, adding $6 Billion to Musk’s personal fortune. For the year-to-date period, Tesla has gained a whopping 269%. Meanwhile, the world’s preeminent blue blood investor, Mr….

  • Adjusting to a Jekyll & Hyde Market

    The market has been behaving like Dr. Jekyll and Mr. Hyde over the past month, bouncing between good and bad news. Which personality will arrive this week? The extent of uncertainty applies to this year’s earnings, but also 2021 and 2022. As we’ve noted before, we are in a strange situation where near-term risks are…

  • Two Steps Forward, One Step Backwards

    The surge in Covid 19 cases unnerved investors this past week, which is understandable. People did get complacent as various states reopened, particularly those that hadn’t been hit hard when the pandemic first arrived in the U.S. So infections spiked notably in places that hadn’t previously been subjected to large numbers of cases. At a…

  • Not Your Father’s Fixed Income World. Now What?

    During the first half of 2020, fixed income yields moved substantially, behaving far more volatile than normal and deviating from historical levels of normal volatility (perhaps the understatement of the year!). Consequently, almost every fixed income portfolio has seen the widest swings in principle values since the Global Financial Crisis. All this volatility, combined with…

  • Have World Equities Disconnected from Economics, Politics, and Reality?

    With COVID-19, ongoing trade issues, and now riots, many equity investors are asking if equities worldwide have disconnected from reality. The U.S. and Europe, hardest hit by the pandemic, are still dealing with ongoing economic challenges. Investors also worry as tensions between the U.S. and China, the world’s two largest economies, have flared again, and…

  • Upsized Uncertainty: The Opposite of Lower for Longer

    Within just a mere few days in early March, the U.S. went from economic expansion and record low unemployment to a severe, deep contraction and record-high unemployment. The S&P 500 reflected this by falling 34% from its high on February 19th to the March 23rd low. And since that low, the S&P has rallied by…

  • Celebrating the Grand (Re)Opening?

    Investors saw it coming – as they often do. The reopening is underway. Restaurants are beginning to serve sit-down meals, beaches are open, hair is being cut, and nails polished. Workers are being called back to factories and offices, although many who can work remotely will continue to do so. The precipitous drop in GDP…

  • The Only Constant is Change

    I had the dubious honor of writing this commentary last time on January 27, just before things got really weird. In that piece, I posed two questions: Will it get worse? and Will it be disruptive? As the months drew on, my questioning changed. I wrestled with the question of permanence versus transitory behavioral changes….

  • Why Is the Market Rallying While the Economy Is Collapsing?

    Observers are trying to reconcile the sharp rally in the stock market even as the data show that economic activity has declined dramatically. It is natural to ask how the market can only be down a little more than 10% and the NASDAQ is now up for the year, when we’re still in the midst…

  • Perspectives on Record Low Interest Rates

    While there are lower-risk and higher-risk fixed income assets, investors could find no safe havens during the recent selloff. From the early 2020 highs to the March lows, investment grade corporates, high yield, and preferred indices declined by 15%, 24% and 38% respectively. This compares to the S&P500’s peak decline of 36% and highlights that…

  • An Opportunity in International Equity

    A recent piece by CGTN (China Global Television Network) highlighted the city of Wuhan. Ostensibly to feature the city’s cultural and culinary reputation, but no doubt, this was also an effort to move the ongoing news narrative away from the city being the COVID-19 birthplace to project the idea that business is getting back to…

  • Still a Ways to Go

    Earnings season got off to a rocky start, but that was to be expected. Comments from management teams regarding the future were laced with cautious sentiment. Even though most investors understand that companies will struggle to estimate this year’s sales and earnings, they are still hoping that companies have some visibility to the end of…

  • Thinking Ahead

    Everyone is naturally fixated on the daily news on the Covid 19 pandemic and the economic repercussions. We know the news will remain horrific on both fronts for at least a few more weeks. But we also have good reason to expect most people who contract the virus and the economy to recover. “The sun…

  • Recession Investing: This Time is Really Different

    Investors cheered the government’s $2.2 trillion relief package last week. The S&P 500 climbed 17.8% from Monday through Thursday, although it did give back 3.4% on Friday when the deal actually passed the House. Investors recognized that, while the package will help brunt the blow, containing the virus will take longer than the few weeks…

  • Finding Opportunities in the Recent Dislocations in Fixed Income Markets

    The economic upheaval triggered by efforts to mitigate COVID-19’s spread is disrupting not only equity markets, but also the fixed income world in ways that have surprised many investors. Volatility has jumped in a market where investors thought they were shielded. But the news is not all bad. The source of the erratic moves in…

  • Setting Expectations with Clients

    “Your money or your life?” is the crystal-clear offer that muggers will give their victims to minimize a scuffle. Those, in their right minds, will hand over their wallet and spare their lives. The markets, economy, and investors are getting held-up right now by COVID-19. Though tempting to hold onto on the wallet, it’s time…

  • Coping with Two Black Swans

    The market’s been pummeled by two shocks, the coronavirus and the collapse in oil prices. Both will depress the U.S. and global economies. Much depends on how policymakers respond. So there’s considerable uncertainty on both accounts. Coronavirus The coronavirus is still being transmitted widely and testing remains inadequate, even though it appears that test kits…

  • Be Strategic, Not Reactive

    If you’d gone away for a silent meditation retreat last week, you’d have come back to find your portfolio little changed and would have remained fairly calm, but only until you turned on the news. The S&P 500 finished last week roughly flat, but the violent ride from Monday to Friday was anything but calming…

  • Coronavirus Threat Grows, But Is The Market Overreacting?

    The news on the novel coronavirus continues to roil markets and we are getting more frequent questions as to the likely economic and market impact, and what, if anything, investors should do about it. As recent reports shifted from rising recoveries in China to new cases in Europe, Asia, and, now, the U.S., investors are…

  • What’s going on in Bond land? … How did we get here? … Why do you care?

    Hey, can you do me a huge favor? Can you borrow $100,000 from me for 10 years, and in 10 years you can give me less money back? Pretty please! Do we have a deal? This proposal sounds ridiculous and goes against all logic, but bond land is a funny place nowadays. Interest rates have…

  • Stocks Are Around Fair Value

    I still read quite often how stocks are extremely expensive or badly overvalued. Such a determination can’t be done in isolation. It is necessary to place the valuation of stocks into context versus other asset prices. Stocks are certainly not expensive relative to Treasury bonds or real estate. In reviewing the evidence, we judge that…

  • When Bad News is Good News

    Recent economic data, the spread of the coronavirus, falling interest rates, and a flattening yield curve may be giving investors pause. The S&P 500 dropped 1.5% Thursday and Friday to lock in a 1% decline for the month. Recent adverse news has been concerning and worth watching, but it can also be viewed as a…

  • Thoughts on 2020

    The stock market doesn’t need a reason to go down. Nonetheless, we remain positive on its prospects for 2020, given that we see little risk of recession, a deal with China on trade, moderate GDP growth, a resumption in growth in corporate profits, still moderate inflation and a Fed likely to keep monetary policy unchanged…

LOADING...