Higher interest rates in the 3rd quarter were the principal cause of a stock market correction. Ironically,
the surprisingly stronger economy and better than forecasted earnings are among the reasons that
interest rates have risen.
Fears of a major recession have diminished, in addition, several inflationary indicators have receded;
industrial commodities i.e., copper, lumber, etc. and food supplies like eggs and butter. On the other
hand, employment is still strong and wages are rising, but in the aggregate, there’s increased likelihood
that the Federal Reserve may be done tightening and that interest rates may be peaking.
There are certainly clouds on the horizon. The political landscape is shrouded with uncertainty and the
tragic events in Israel add another element of complexity and concern. We believe interest rates hold the
key to what is expected to be a traditional year-end rally.
We are pleased to announce that Jacqui Lindenbaum has joined Winslow as a Senior Research Analyst and Portfolio Manager. Jacqui has a Business degree from the University of Cape Town and an MBA from Columbia University. She has over 25 years of investment experience; this includes time as a Senior Equity Analyst at Iridian Asset Management, LLC and as Principal and Co-Portfolio Manager at Armstrong Shaw Associates.
