Part 2: DWM Investment Philosophy

by Susan Jung on

I am often asked to describe our investment process as we manage portfolios. Given the interest in our process, I thought it might be helpful to provide excerpts from a question and answer session about this topic.

The following narrative is Part 2 of our philosophy interview. Of course, if any...

I am often asked to describe our investment process as we manage portfolios. Given the interest in our process, I thought it might be helpful to provide excerpts from a question and answer session about this topic.

In the next three weekly updates, I will outline how we make investment judgments....

The Scramble to Purchase Fox

by Susan Jung on

Several months ago, Disney announced that they had come to an agreement with 21st Century Fox to purchase some of their assets including a percentage ownership stake in Sky networks (a Europe media company). Disney’s goal was to increase their reach as well as capture a significant library of...

Consumer Staples Stocks

by Susan Jung on

There’s really no other way to say it; consumer staples stocks have underperformed in this latest market cycle. Companies specializing in more pedestrian products have struggled as rotation has occurred to higher growth names. Additionally, rising interest rates have put pressure on these names as...

Oil Prices

by Susan Jung on

Oil prices are rising as increased economic activity is sparking concerns that higher inflation is imminent. Additionally, the administration’s decision this week to withdraw from the Iran nuclear agreement is causing concern that oil supplies may be constrained. Saudi Arabia has pledged to make...

Stock Repurchases

by Susan Jung on

As expected, companies continue to announce stock buybacks as part of earnings calls. The latest example is Apple’s pledge to buy back $100 billion of company stock. 
 
Readers of this update will know we have long suspected that tax savings from the recent corporate tax cuts will be used to...

Interest Rates

by Susan Jung on

Interest rates have edged upward as the 10-year Treasury hit 3%. Headlines announced doom and concern about the spike in rates as if this was a death knell for the economy, fixed income markets, and equity prices. We do not believe this is the case.

We believe interest rates were bound to rise...

Investment Philosophy (Part Two)

by Susan Jung on

10 questions regarding Destination Wealth Management’s investment philosophy (cont.):
 
5. Tell me about how you assess economic news and how it impacts portfolio strategy. 
 
We invest significant time to understand the US economy, global economics, and other macro issues that can impact...

Investment Philosophy

by Susan Jung on

There are so many headlines that deserve commentary on a weekly basis. As a break from our usual headline discussion, this week and next I thought I would take a moment to step back and outline more clearly how we make investment decisions in portfolios. Transparency is a key part of our DNA as a...

Volatility

by Susan Jung on

Market volatility continues which is no surprise to us. Despite financial measures suggesting that relative volatility is moderating, we share the belief with Jack Bogle that we have never seen a market this volatile. We also share his concern that this type of fluctuation brings out the worst...

Five Questions

by Susan Jung on

Every now and then I like to answer questions that I receive from investors, media contacts and clients of DWM. Perhaps you will find one of your questions answered here. As is always the case, if you have others, I am happy to provide my thoughts on any items you’d like me to discuss.

1. What...

Interest Rates

by Susan Jung on

The Federal Reserve as expected increased interest rates by 1/4%. This was widely expected by markets as this move has been telegraphed by Fed officials for many months. A brief summary of the action taken was provided on CNBC.com this week as written by a friend of mine, Jeff Cox. As usual it is...