Hints and tips:
...The S&P 500 index is down 20 per cent from the start of the year; long-term bonds have had their worst year since the 18th century; and the long-established 60/40 investment strategy was hit with its worst...
...“We have taken the decision to maintain our margin rate,” James Conroy, Boot Barn’s chief executive, told analysts....
...As Dr Conroy put it: “Not good enough in 2017. Low-cost tech eg affordable solar power must be a priority for saving newborn lives”....
...Last year, research by S&P Dow Jones, the index provider, found that almost all actively managed US, global and emerging market funds have failed to beat the market since 2006....
...With 168 companies in the pan-European Stoxx 600 and 438 companies in the US S&P 500 having reported results, markets expect healthy debt issuance for May....
...“It’s been a Fed rally, you never fight the Fed, and we are seeing cash coming into the market, but we are not yet seeing a big rotation out of bonds,” said Anthony Conroy, head of trading at BNY ConvergEx...
...“Banks are in much better shape than in 2007 and housing is on a much sounder footing,” says Anthony Conroy, head of trading at BNY ConvergEx....
...Anthony Conroy, head of trading at BNY ConvergEx, says stronger US growth will spur investors to switch out of bonds into equities. “Investors won’t have a choice,” he says....
...“Any type of 4 to 5 per cent correction is a buying opportunity as there is a lot of cash on the sidelines and people missed the start of this year’s rally,” says Anthony Conroy, head of trading at ConvergEx...
...That absence has characterised the S&P’s rebound of 20 per cent from its cyclical low in early October....
...“Absent the risk of a financial catastrophe, valuations for stocks are cheap on a historical basis,” said Anthony Conroy, head of trading at BNY ConvergEx....
...Just over a quarter of S&P companies have reported so far....
...“Any type of indecision creates volatility,” said Anthony Conroy, head of trading at ConvergEx....
...Anthony Conroy, managing director at Convergex, said: “When Congress fails to agree, it’s certainly not viewed as positive....
...“For all that, we managed to show just a 7 per cent fall [peak to trough in the S&P 500]. It shows a remarkable resilience,” he says....
...RBS’s team also downgraded Aegis Group, off 0.4 per cent to 140¾p in favour of publishers and event organisers such as Informa, up 0.6 per cent to 422½p....
...John Conroy, managing director of P-Solve Asset Solutions, on what pension funds should do about returns. He says the old model of depending on equity markets is gone because it is too risky....
...“The amount of money being pulled from equities is very disturbing and without question retail has given up on the market,” says Anthony Conroy, head of trading at BNY ConvergEx....
...“The rally is getting long in the tooth, but it still looks good for tech and I would expect a pullback of no more than 5 per cent,” says Anthony Conroy, head of trading at BNY ConvergEx....
...“The unemployment report was very disappointing and is a damper on the US growth story,” said Anthony Conroy, head of trading at BNY ConvergEx....
...Between 2000 and 2002, the S&P 500 lost 9.1 per cent, 11.9 per cent, and 22.1 per cent in successive years. Most mutual funds followed the index downwards....
...“Most of the regionals don’t do prop trading and are being bought,” said Mr Conroy....
...John Conroy, managing director at P-Solve, a pension fund consultancy, says: “Some asset managers ask our permission to talk to their clients....
...“Cooler heads prevail when you pause and consider what is going on after a stock moves a lot,” says Anthony Conroy, head of trading at BNY ConvergEx....
...John Conroy, managing director at P-Solve, a pension fund consultancy, is a keen advocate of what he calls capital rotation, but what to non-experts sounds like market timing....
International Edition