Isaacson Update & Special Reports
Market Update - Fall 2018
The S&P 500 hit highs in September and finished Q3 up 10.4%, small- cap US stocks finished up 11.5%.
S&P 500 earnings per share grew 27% year over year in the quarter–compared to their 6% long-term annualized rate. Record levels of share buybacks were another pillar of support for the US market. Developed international stocks ended Q3 down 1.3% YTD, while emerging-market stocks were down 8.9%. In fixed-income markets, the 10-year Treasury yield rose to 3.05% at the end of September, flirting with a seven-year high. Core investment-grade bonds had a negative return in September and were flat for the quarter. The Federal Reserve has raised rates three times this year with a fourth teed up for December.
No one knows exactly when this record-long US bull market will end. US stocks look expensive by some measures, and there are reasons to think the near and medium-term outlook may not be as rosy. The US economy is operating at or near full capacity and full employment. It‘s certainly possible US stocks will continue to be favored by investors over the near term, although October has witnessed increased volatility and several small scale sell offs.
We strongly believe that a key element of our investment process is our discipline in maintaining a multiyear perspective rather than over-reacting to short-term price volatility, performance swings, daily news flow, and other behavioral triggers. It‘s easier said than done, though, especially amidst an unprecedented stock market run and a seemingly unending string of unnerving geopolitical headlines. If you have any questions or concerns about your individual situation, please do not hesitate to contact us.
Thank you for your continued confidence and trust.
Thank you to the best staff and clients who made celebrating 25 years possible. A special thank you to all who braved a November snowstorm on Thursday, 11/15/18, to join us at the United Nations. Click here to view Governor’s letter congratulating Joel Isaacson & Co. on celebrating 25 years.
On Thursday, November 3rd, we had an informative presentation at our client event on the state of the electoral season, culminating on Election Day, November 8th provided by Greg Valliere.
Greg is the Chief Political Strategist for Horizon Investments specializing in coverage of the Federal Reserve, tax and spending issues, and - of course - politics. He has nearly 40 years of experience following Washington issues for institutional and retail investors. He also is widely quoted in the nation's media. Greg is a regular guest on CNBC, Bloomberg TV and radio, Fox Business, CNN, and CBS radio. He is also regularly quoted in the nation's financial press, including Barron's and the Wall Street Journal.
We want to thank our clients for joining us as we endeavor to bring quality and useful information to you. Additionally, we are always pleased to be able to have you join us and we want to thank you for continuing to allow us to earn your business every day.
AHRC honors Joel Isaacson with the Business & Philanthropic Leadership Award
On Tuesday, February 3, 2015 the AHRC will recognize Joel Isaacson, CEO and Founder of Joel Isaacson & Co., LLC, with its Business & Philanthropic Leadership Award (click link to learn more). The honor will take place at the 35th Annual Thurman Munson Awards Dinner. We are extremely proud to have Joel be recognized in this manner for his contributions to a wonderful cause and for his work on behalf of this underserved population. The values that the ARHC embraces, Passion, Respect, Integrity, Diversity and Excellence are characteristics that Joel brings to the firm as well and for its clients. Click here for more information.